a company that inefficiently mines a resource that's going to be stored forever and mostly used to speculate
Oil is "mined" very efficiently, and I bet most of the production each year is used pretty quickly.
Oil is mined super inefficiently except for shallow wells, it has tight margins. Some operations, specially fracking, actually shut down pretty often when the barrel price goes down near 60 which is were we are now.
If you look at production vs. consumption in the world there's usually a bit more consumption than production. If you look per country on the US there's more production than consumption. That's because "extraction" is heavily played with to speculate with the price.
But yeah the valuation for Coinbase is also insane!