Agree. Sound money cant exist without some cost to the world. However, worth some napkin ChatGPTing to compare.
Bitcoin total energy use and ASICs was ballparked around $7-13B annually.
A price of $75/Oz for 600 million Oz of silver per year use in industry is $45B.
A price of $4500/oz for 10 million oz of gold per year use in industry is $45B as well.
Costs to mine Gold and silver are ~$150B and $20B annually.
Also this is not considering some percentage of bitcoin mining is done on energy that does not compete very directly with the broader market (renewables generating excess).
Bitcoin total energy use and ASICs was ballparked around $7-13B annually.
A price of $75/Oz for 600 million Oz of silver per year use in industry is $45B.
A price of $4500/oz for 10 million oz of gold per year use in industry is $45B as well.
Costs to mine Gold and silver are ~$150B and $20B annually.
Also this is not considering some percentage of bitcoin mining is done on energy that does not compete very directly with the broader market (renewables generating excess).