I don't think we should worry about the total quantity of energy consumed. The wonderful thing about the market is that it finds its own level: once externaliti

I don't think we should worry about the total quantity of energy consumed. The wonderful thing about the market is that it finds its own level: once externalities are properly Incorporated into prices, the quantity produced and consumed (which must be idential at equilibrium) will settle at a level that priorities competing concerns appropriately. Who's to say that this equilibrium level is somehow wrong? And what's wrong with miners using cheap electricity? The argument seems to go something like "that subsidy is meant for productive activity and Bitcoin mining isn't productive". Who's to say it isn't productive? The market things it is. What is the market getting wrong? What externality is it not incorporating?