I´m tired of hearing the argument "but Bitcoin wastes more energy than
a whole country..." all over the mainstream media.
Here are a few reasons why the energy that is consumed by Bitcoin mining is not wasted:
1. The energy that is consumed by Bitcoin mining is the foundation of the security of the network
2. Proof-of-work is superior to other consensus algorithms like Proof-of-Stake and offers less attack vectors
3. Fiat currencies are supposedly backed by the power of the state... meanwhile the US military consumes more energy than Bitcoin mining per year
(this is a comparison of the military of a single country compared to a truly global currency)
4. No one is talking about the enormous costs of transporting fiat money, securing it and printing it in the first place
5. The mining of other commodities is extremely energy-intensive as well
If you take all these factors into account, Bitcoin may actually be less energy-intensive than traditional
fiat currencies. Besides, many mining companies have set up their operations in countries with an abundance
of renewable energies like Canada or Iceland. The days where Bitcoin was solely mined in rural Mongolia and China
may finally be behind us.
I don't think that much was debunked by your post.
1) the energy consumed is a side-effect, you could actually better name it a waste product, of mining.
2) this may be the case, but how safe does the network have to be? PoW may be currently the most secure, that can change.
3) this is a Krazy (note the capital K) comparison. The US military employs millions of costs trillions to run. It too is a huge waste, but it couldn't be done with 1 guy, unlike the Bitcoin network which could be run on one PC.
4) Fiat money is far from perfect, that is why Satoshi made Bitcoin. If the world went cashless - something most don't want - the costs of fiat money would be very low.
5) Other commodities? you mean Bitcoin is a commodity? In which case it isn't a currency? Ignoring that, much like answer 3 - if 1 guy with 1 spade could mine all the required gold/silver/iron/lead etc that the world needs by himself, I would be strongly for him doing that.
I don't see being a supporter of Bitcoin as being a fan of massive energy wastage. Satoshi himself didn't want an arms race into GPUs, I doubt he envisioned huge ASICS farms using a significant percentage of the worlds supply of electricity!
I don't see an end in sight, but it is certainly a way that Bitcoin will be attacked in the future. When cars have emission limits, do you really think that governments will allow Bitcoin miners to use as much electricity as they want?