From the referenced document where OP says &quot;No, this is not wasteful&quot; [0]:<p>&quot;Miners currently use approximately only 0.0012% .. [and] economic modelling predicts miners will not account for more than 0.74% of the energy consumed by the world&quot;.<p>Expending nearly 1% of all energy consumed by the world is an insanely large figure. How much hubris does it take to call this &quot;not wasteful&quot; on its face?<p>[0] Miners currently use approximately only 0.0012%