Economic value is not an objective phenomenon. It isn't like mass or energy or charge or fluid flow. It follows no conservation laws.
It's a subjective, often ephemeral phenomenon that emerges from the interactions of buyers and sellers. When I say "x has value y" all I'm saying is that in current market conditions, some human would be willing to sell x at price y and another human would be willing to buy x at price y.
So your statement that bitcoin mining is bad because it "costs value" and doesn't "produce value" is not really meaningful. And even if it were, the simple fact is that bitcoin mining is often profitable, depending on the cost of watts and ASICs.
Economic value is rooted in both perceived and real, non-negotiable needs (water, shelter, food, etc).
Economic idealists tend to skip over the latter, probably because they have never faced poverty.
Rather than unscrambling numbers in pursuit of a diseased fantasy, compute could be put to work solving complex allocation problems, simulations, training, etc. to advance economic efficiency. For food production & distribution, water management, natural disaster mitigation, housing allocation, etc.
Good money is a prerequisite for a functioning economy. The majority of world's countries don't have access to good money, and that's why Bitcoin is really important. It really does provide water, shelter and food to these people.
It's a subjective, often ephemeral phenomenon that emerges from the interactions of buyers and sellers. When I say "x has value y" all I'm saying is that in current market conditions, some human would be willing to sell x at price y and another human would be willing to buy x at price y.
So your statement that bitcoin mining is bad because it "costs value" and doesn't "produce value" is not really meaningful. And even if it were, the simple fact is that bitcoin mining is often profitable, depending on the cost of watts and ASICs.