I have a piece up in The Drum, making the point that most of the market value of a Bitcoin reflects the electricity wasted in the calculations needed to “mine” it, with the obvious disastrous implications for the global climate. Unsurprisingly, it’s provoked some vociferous, if mostly incoherent, responses from Bitcoin fans.
They’re very definitely not sold as “1Th/s at 2215W”, which is what you’d need to feed into a calculation of how much money you’d make (or lose) when mining.
The point of bitcoin mining isn’t the money you make from mining bitcoin, it’s the money you make from people who want to invest in mining bitcoin.