In your analogy, it boils down to the point weather you see the legacy finance system on fire and BTC as the saviour. then BTC mininig and Blockchain hashing can very well use and transform into useless heat the TWh of a mid size country.. because it is worth it.. like the water for the firemen.

If however, you see BTC as a ridiculous playground for tax evaders and other illicit activity, a threat to the prevalence of the USD for intl. payments, a threat to law and order, a geeky speculative b.. then.. every drop of water is seen as waste.