I mean, you guys read that story about Kazakhstan having a 10% spike in electricity prices that led (along with the prevailing economic winds) to widespread, violent civil unrest … ? The reason was that China had regulated Bitcoin mining so all the miners had jumped over the border to Kazakhstan with hangars full of GPUs.
Then, when Kazakhstan also turfed the miners out, thousands of people lost their jobs, which just consisted of hanging around rooms full of GPUs keeping them fed with electricity and operating within their temperature parameters.
So yeah, the world has gone mad. Humans have devised an investment vehicle pretending to be a currency, a fake good whose mechanism of scarcity is arbitrarily energy-intensive computation. One of the stupidest things humanity has ever done.