Why people think wasting energy magically stores it is absolute magical thinking.

It's not quite magical, just idiotic.

The part these dumbasses keep forgetting to actually say out loud (mostly because it's the same part that undermines the entire point) is that they're assuming Bitcoin will be mined pretty much everywhere, on every electricity grid.

Thus the "transfer of energy" consists of mining more in one location, then using the proceeds to pay off miners in a different location to use less energy. Similarly, the storage entails mining more in one location to then at a later point buy back electricity.

The now-extremely-fucking-obvious problem with all of this is that it requires constantly wasting huge amounts of electricity in order to create this "virtual" electricity transfer/storage system.

By-definition this virtual system could only shut down as much electricity consumption as is being baseline-wasted on bitcoin mining. Ergo, you can just ban bitcoin mining and get the exact same climate benefits.