When this argument is brought up, there are also naysayers who say that crypto miners can simply move to other areas having excess power capacity, or that power generation can simply be increased enough to meet the demand. But, in my opinion, those people aren't taking into consideration the other industry that is vying for every extra watt of electricity: the EV industry.
With crypto mining continuously consuming more and more power, and the EV industry skyrocketing into maturity, this situation will eventually come to a head. Our power infrastructures simply will not be able to produce enough electricity to support both of these industries. One will come out on top of the other. Personally, I'm betting on the EV industry; transportation will have to take precedence over decentralized currencies.
Now, the predicament. Tesla recently invested $1.5 billion in BTC . If this was intended as a long-term investment, then Tesla seems to be shooting itself in the foot. Why invest in another industry that is directly competing for the single most important resource to your own industry? That seems a bit short sighted if you ask me. However, if this was intended to be a short-term investment, then kudos to the Tesla BOD and congratulations on the quick profits.
What are your thoughts? Has the Tesla board of directors made a huge mistake, or was it a sound investment? Which industry are you betting will win the fight for control of our power grids?