>The amount of electricity is not proportional to the market cap This misses the point of the argument, which is to say that if the market cap of bitcoin goes u

>The amount of electricity is not proportional to the market cap This misses the point of the argument, which is to say that if the market cap of bitcoin goes up, the marginal benefit of mining by definition goes up. This in turn drives up demand for electricity, until the marginal cost of additional mining units and associated power equilizes. That's not to say that there isn't a benefit to a more efficient proof-of-work scheme, as in theory if the scheme can support _all_ future and current transactions like the current banking system, then there's a cap on energy consumption. However, what OP points out is that the speculation and monetary utility of Bitcoin both act to increase power consumption due to basic economic forces. >Also, when you add the energy that goes directly from sun light to soy beans, I think that we are in Argentina still using a little more more energy than bitcoin. This is a non-sequitur. The point of using Argentina is to illustrate that in verifying transactions, Bitcoin uses as much energy as millions of people lighting their homes, watching television, running air-conditioning, heating water, charging their phones, etc etc etc. Nobody is claiming that Bitcoin consumes more metabolic energy or solar energy, OP's just highlighting that Bitcoin's electricity costs are potentially unsustainable.