>The cost of the currency in computational dollars (computing systems and electricity) says it is not a profitable endeavor.
The miners disagree with you. Bitcoin mining & transaction processing would be profitable even at 1/4 the current price. Other crypto mining is even more profitable. My own modest mining operation has generated a 15:1 ROI this year, despite a 60% decline in total crypto market cap from all-time highs.
That’s a static view. Try looking at the bigger picture.