No one has complained that gold mining wasted too much energy, since that is a must. You must overcome certain natural energy barrier to mine gold, there is no other way.This energy requirement is fixed regardless of gold's price
Nope,
when actual physical mining operational costs does not match the current price,
miners temporary close the mines which stops all energy used to mine new gold.
They just cease paying for people and resources to mine the gold, they still own the gold mine,
once the price of gold returns mining into profitability they start mining again.
This also does not stop current gold owners from trading gold.
Contrast this with bitcoin flawed design, if the BTC miners take a month pause due to not being profitable the whole network stops.
No bitcoins can be traded with anyone.
Gold does not have that critical flaw,
plus it has uses in the real world that always use up excess supply once prices fall, bitcoin does not.
So yes Virginia, Gold is a better store of value than bitcoin could ever pretend to be.
FYI:
Contrast Proof of Stake coins, their energy efficient design means they can run 24x7 and no one ever goes bankrupt doing it.
While many PoW miners go bankrupt at every halving, due to the wastefulness in PoW design.
Bitcoin is already centralized, Bitmain just splits their over 51% dominance in multiple pools, so the clueless stay clueless.
So.. AntPool + BTC.com = 51%? Math checks out lmao.
For the Clueless such as your self.
https://hackernoon.com/bitmain-now-has-more-than-50-of-bitcoin-network-hash-rate-trouble-ahead-cfd5ea9cf101