"Apart from realising that the Bitcoin network has gone from consuming 62kWh every 10 minutes to 167MWh (yes that is a GW of power), the running cost of electricity used to create a block has stayed a relatively constant percentage of the price of Bitcoin in US dollars. More so when you consider that the cost of power in the network is available at industrial prices.
Once again this demonstrates how the effort of mining Bitcoins feeds back into the value in USD terms because the real resources required to run the network are not available in the Bitcoin currency zone. One of the functions of taxes and fees in a proper currency is to ensure a wide availability of real goods and services for sale in the currency."
H/T Neil Wilson
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