Good points, but I think that if you want to consider the "ethics" of cryptocurrency mining, you have to acknowledge that currently there is a lot of hype aroun

Good points, but I think that if you want to consider the "ethics" of cryptocurrency mining, you have to acknowledge that currently there is a lot of hype around crypto that will eventually go away. There are a lot of irrational actors. If you want to make a statement about the nature of bitcoin, I would consider an "equilibrium" situation where: * The cost of specialized hardware is stable (e.g. what are the economies of scale as t->infinity ?) * The price of bitcoin in terms of energy (BTC/watt hr) is stable * Miners are rational actors It seems to me like the most concerning aspect of cryptocurrency mining is that the hashrate is dependent on externalities like the price of bitcoin, rather than the necessary hashrate to defeat a 51% attack.