THE GRID WAS ALREADY BROKEN — MINERS ARE THE ALARM. THE MONEY WENT TO HIGH-SPEED RAIL AND EV CHARGERS THAT DON’T EXIST.

Marty Bent posted the Henry Adams Curve today: energy per capita in America rose every year from the 1800s until roughly 1970, then went flat. Fifty years of infrastructure policy defaulted to managing scarcity instead of building supply. Now AI data centers and Bitcoin miners show up asking for power, and the political read is: they are the problem. The operator read is different. The problem isn’t BTC and AI. It’s high-speed rails, shovel-ready jobs, EV chargers, and NYC subway stations. We earmarked $1.2 trillion for infrastructure in 2021 and $7.5 billion of it went to 500,000 EV chargers that don’t exist. California High-Speed Rail: 17 years, $33B budget compounded to $135B, no operating train. NYC Second Avenue Subway: $4.5 billion for 1.7 miles. Miners built out a global network on stranded energy in the same 5 years the government couldn’t plug in a car. Private capital deploys where it can pay for itself. Earmarked capital sits in a drawer. Miners aren’t overloading the grid. The grid was already under-built — and the money to fix it went to lines nobody rides and chargers nobody plugs into.