Read their own claims here:
https://www.pcmag.com/how-to/what-is-the-environmental-impact-of-cryptocurrency
https://www.newyorker.com/news/daily-comment/why-bitcoin-is-bad-for-the-environment
They are literally freaking out about electrical consumption, where most people using cryptocurrencies will *never* make their power draws the media is predicting.
The media is owned by CCP and Blackrock backed fronts, and is fed scripts prepared by Manhatten based PR firms that form the Mockingbird Media.
For example, storylines are intensely generated by PR writers and released to syndicated news outlets at 4:30 am ET every day.
And they are always accurate, aren’t they?
I still think Biden is ultimately referring to Oil/Petrodollar but you are likely right that his writers are referring to electrical consumption as a PR narrative of why Bitcoin Mining is "bad for the environment". These people are so annoying.
The Petrodollar underlies the SWIFT System which is used to cut off funding transactions in a sanctions action.
Oil ==> Petrodollar ==> SWIFT
Crypto represents an end run around SWIFT.
Sanctions ==> SWIFT Off ==> Political Pressure
-----------------||-----------------
-----------------\/-----------------
---------------CRYPTO-----> Political Pressure Off
With high probability, Global Bankers and the politicians they own are very nervous.
Mismanaged electrical power consumption can hit a profit line but it can be managed. Your observation of their hypocrisy in Crypto Power vs. EVs even affected Musk in his tweets, summarized here with respect to power consumption for Bitcoin mining:
Of course, Tesla and EVs are going to stress the electric grid past its maximum capacity but Bitcoin Mining can rely on hydroelectric, solar, wind, tides, geothermal, whereas Tesla cannot.
It is absolutely INSANE, that growth itself is a danger to.....WAIT. An existential threat, along with a 5 mile wide comet on track to hit mid Atlantic threat TO US ALL. These people are mad with power, and the only thing they want to limit IS power, of the people, not power usage per se. They are ALL IN for their own, while parsing out tiny bits of it to the “tiny people” that remain useful to these demonic tyrants. When they talk of limiting power consumption, they are really talking of limiting the power of the hoi poloi. The dweebs, plebes, underlings, the socially retarded and in their opinion, inferiors.