“The diffi­culty-adjust­ment is about keeping a constant time, not a constant level of security, diffi­culty, or energy expen­di­ture. This is ingenious because good money has to be costly in time, not energy. Linking money to energy alone is not suffi­cient to produce absolute scarcity since every improve­ment in energy gener­a­tion would allow us to create more money. Time is the only thing we will never be able to make more of.”

- Gigi, Bitcoin is time

Bitcoin is more than just “energy money” or “backed by energy” although that can be a good starting point for some