There are so many cryptocurrencies nowadays, that many of them are just pricy megabytes. Instead of starting a new company that will actually create value for society, many people are actually investing valuable time and knowledge into creating cryptocurrencies, just because they are a kind of IPO which will give them greater gains as well as allow them to be less transparent about how they will spend their gains.
So much energy, both human and electrical, spent on the blockchain. We are in a low energy efficient environment at all levels!