Is it any worse now than say, the NYSE ?
This reference says energy usage was 0.0026 TWh (2.6 GWh, or 2600 MWh) in a year
https://ethereum.org/energy-consumption
If the power was used over the whole year (and not just one hour)
(2600 MWh / year) / (24 * 365 h/year) = 0.29 MWh = 296 kWh. Thats like hair dryer levels of power consumption (if the hair dryver was left on all the time)
Even if we continue down this route, its something like 15% of global stock transactions going through NYSE, per transaction its extremely efficient when compared to Ethereum; but thats not the argument anyway- its that the hardware used for mining is barely useful outside of that use-case, and the shelf-life is very low to boot.
If there was a use-case, we’d have found it by now, since 30,000 Tonnes a year of it ends up in landfills, surely someone would dig it out or buy it if it had utility.