I hear this all the time, what a waste POW is. Its not a waste when compared to physical security requirements. For the price of one rent-a-cops salary I could run 30 miners.
No, it is a waste. Bitcoin mining is the single biggest waste of electricity in the world.
But its not wasted, what is so difficult to understand, it powers the network. This is not using power for the sake of using power.
Idling my car because I'm too lazy to turn the key off is a waste.
Do we get something for all this electricity use? Yes we get bitcoin. If there was zero benefit then it is a waste.
I think what you are really saying is "buy my POS coin I'm heavily invested in".
Actually he is right. Miners have to dump all the mined BTC at the market because they can barley cover the electricity cost, so right now at this point in time - he's statement is correct.