It doesn't move any energy, it adds new energy consumption while producing nothing of actual value. There are ponzi coins and tokens that don't need PoW to exist, that's a significantly less damaging way for people to satisfy their ponzi itch.

Eventually mining is self-extinguishing as collectively bitcoin holders only lose wealth. There aren't many potential new buyers left at this point, so the set of bitcoin holders can't change that much. On a long time scale bitcoin is a method to make people that think it's a good idea poorer than everyone else, at least in the average case. Social darwinism.