Right. I get what you're saying, and I think there's probably some validity to the idea that increasing demand drives innovation and (eventually) a reduced unit

Right. I get what you're saying, and I think there's probably some validity to the idea that increasing demand drives innovation and (eventually) a reduced unit cost. Ultimately, though, the goal from a climate change perspective isn't "lower unit cost" or "energy innovation" per se; it's "reduced GHG emissions." If Bitcoin mining were, say, +50% net demand, I could buy the argument that it will lead to innovations in supply. But it's more like +0.5% demand, so it seems much more likely that it's just driving up prices a small amount, keeping some production sources alive which would otherwise not be. And in at least some cases, those sources are going to be high carbon impact.