exactly - the concept of waste is subjective. If you are arguing that energy production has way too many externalities not being accounted for, then i would agree. But that's not "waste" - that's bad regulation and pricing.

A globally enforced carbon tax will fix that problem, and allow the market price to reflect the costs completely. Then, if people wish to spend/invest their wealth on mining, let 'em. It's not a "waste", not any more than watching a theater production is a "waste".