I am far from understanding blockchain. So this is a neophyte question. My current understanding is that the work done to mine bitcoins is not futile, but the required processing for the functioning of the system. It is not like digging holes and filling them, Keynes style, but rather like doing the processing for the network and getting paid for it. Is this wrong?
Thank you for the very interesting and useful article.
Both are true. The network requires people to dig holes and fill them in as a super inefficient way of securing itself, and wastes most of its newly printed money on paying people to do that job.