The idea that more efficient mining chips will reduce Bitcoin's energy consumption is just wrong. Miners will just buy and use that new chip for as long as the

The idea that more efficient mining chips will reduce Bitcoin's energy consumption is just wrong. Miners will just buy and use that new chip for as long as the value of the block reward exceeds the energy cost for mining it. The mining network should always converge to an equilibrium where X$ worth of electricity is consumed for producing (a little more than) X$ worth of BTC, no matter how efficient mining chips are. Personally I feel that Bitcoin miners are being unfairly targeted whereas the real issue is unclean energy production. Bitcoin is an easy target because a lot of people believe it is overvalued or worthless which gives rise to arguments such as "Bitcoin mining is unnecessarily wasteful".