"it's impossible to profitably mine bitcoins without screwing someone else in the process" That is not true. Most mining is done professionally in data centers

"it's impossible to profitably mine bitcoins without screwing someone else in the process" That is not true. Most mining is done professionally in data centers these days, by companies that all pay for their own electricity without screwing anyone: This is KnC's facility: http://www.datacenterknowledge.com/archives/2014/07/10/massive-bitcoin-mines-spring-up-in-warehouses/ http://www.datacenterknowledge.com/archives/2014/07/10/massi... This is MegaBigPower: http://www.kplu.org/post/central-wash-home-nations-biggest-bitcoin-mine-more-coming http://www.kplu.org/post/central-wash-home-nations-biggest-b... 21 Inc has a 26 megawatt facility: http://www.coindesk.com/21-intel-bitcoin-mining-strategy/ http://www.coindesk.com/21-intel-bitcoin-mining-strategy/ And so on. They certainly seem to be making a profit; it is much easier to do so nowadays (~5% monthly increases of the difficulty level) compared to last year (30-40% monthly increases).