You have a point for the purpose of calculating the scale of the impact. But it is also true that a significant part of crypto does not drive demand for hardwar

You have a point for the purpose of calculating the scale of the impact. But it is also true that a significant part of crypto does not drive demand for hardware or electric power. There are proof of stake coins with multibillion dollar valuations that bring a novel combination of smart contracts and other "platform" capabilities and low cost. This is important because these technologies ensure that crypto can survive if the cost and latency of proof of work becomes a drag on both usefulness and valuation. Kind of like renewables have shown that coal can be phased out. In Germany, renewables are now 40% of electricity production, projected to become 60% by 2030. Trends matter.