As an interesting hyperbolic comparison, is our understanding of nuclear fission and fusion worth it because two cities in Japan were bombed and thousands died? IDK

Edit: and this isn't to say we shouldn't be critical of Blockchain technology. I think the criticism of proof of work is important, and I'm glad that most chains are proof of stake or transitioning. Would we have made proof of stake if we first didn't validate the idea with a simpler proof of work implementation? Maybe. Maybe not.

firstly you objection to opportuity cost is flat wrong. those many smart people as you refer to them aren't going to just jump inot what ever the best for mankind research is because you want them to. Researchers and scienetist aren't a fungible resource, someone with a master ins mathmatics and a focus on cryptography isn't going to join a clean energy start up join a biotech firm or work on space tech. If crypto currency didn't exist they would probably work on other cryptography related fields.

the chip shortage has little to do with this as large scale mines use dedicated bespoke 'application-specific integrated circuit' or ASIC chips not used for anything else. try to run a mineing rig on CPU, and GPUs just isn't cost effective anymore. Secondly they didn't cause the chip shortage, shortsighted manufactures ending their orders both the immediate term and for years in advance that did. The chip foundries did the only logical thing and resold the slots for those canceled orders to keep the fabs running.

as for the enviromental impact crypto, cryto thrives on low cost energy as it gives the miners a higher coin/dollar spent mining. and currently building new solar and wind is cheaper than building coal. so really what we need to do is stop burning coal.

It's doubtful many of those smart and obsessed enough to contribute to medicine, clean or space tech would be moved. What we would have seen is the same smart decentralized consensus obsessed people still working on formal proof systems, distributed consensus algorithms robust to adversaries, precursors to the vile offspring and post-capitalist or post-communist economies.

It's interesting that a lot of people lodge similar claims as you have, against crewed space missions even though you count it as having value.

> Those factories could be making other products that directly benefit peoples' lives.

Things were like this before cryptocurrencies and what you say is already possible despite cryptocurrencies but still does not happen. You might be interested in [Dives, Lazarus, and Alice](http://bactra.org/weblog/841.html).

> We currently have a shortage of electronics because of the pandemic.

Robustness sacrificed at the alter of efficiency means extra vulnerable to shocks and surprises.

> Coal Powerplants

Countries with or without PoW mining presence are still building coal fired and other CO2 generating powerplants. The world has not been smart about moving to clean tech fast enough.