Bitcoins insane energy consumption good or bad?

Does it matter how much energy bitcoin consumes when all energy consumed is renewable energy? After all, there is no longer any harmful effect on the environment. It is difficult to estimate the extent to which Bitcoin is already 'green' at the moment. It is clear that the mining Bitcoins lead to interesting developments in the energy market. Mining is in fact independent of location; it can be anywhere in the world. As a result miners will search for places in the world where electricity is cheap and settle there.

Electricity is often cheap in places where more energy is generated than is consumed - there is overproduction. This is energy that would normally be wasted, because storage is not (yet) possible. Andreas Antonopoulos explains that there are many power plants around the world, but especially in China, that are now being built to meet the energy needs of the future. In the beginning, these power plants will have to deal with overcapacity, because the power plants will be built to meet demand in 15 to 20 years.

A nice outcome is the use of this overcapacity for mining bitcoins: the miners settle near power plants and can (inexpensively) buy energy that would otherwise be wasted. As can be seen in the image above (source: BitMEX Research) this is indeed the case in China. The picture shows that miners mainly settle in areas where more energy is generated than is necessary. This energy is converted into value: in the form of new bitcoins and security of the network. In addition, the investment needed to build the power plant is earned back earlier, everybody wins.