I don't see what's stupid about it. Demand builds infrastructure. It can literally justify building new renewable energy systems that could otherwise not exist profitably without that demand.
Soooo how many rich people need to die of wet bulb heat stroke before this libertarian stupidity is ended? Honestly.
https://www.cbsnews.com/news/bitcoin-mining-cryptocurrency-riot-texas-power-grid/
Discussion
You bitcoin types never seem to understand how the mystical “free market” actually works - in that it doesn’t exist and never has. Artificially inducing a demand or does not guarantee stimulation of supply. Likewise excess supply doesn’t guarantee demand. The system is more complicated than that.