PoW is not backed by energy. Do you even know what 'backed by' means? It means you can convert your money to the asset that backs it, at a fixed rate no less. Can you convert PoW coins to Kwh at a fixed rate? No you can't. At best you can hope to convert it to fiat and then buy energy with it, but you can't be sure what amount of energy you can buy in the future with your PoW coins, maybe it'll be zero. PoW crypto is not backed by energy by any sound economic definition. And you can take this to the bank. Too many misconceptions on this forum that become myths and beliefs that people build their prosperity on. No wonder that prosperity often doesn't come to fruition.