If one looks at the catastrophic consequences of the great paper-money inflations, one must admit that the cost of making and holding gold is the minor evil. It would be futile to retort that these catastrophes were brought about because the regime merely used fiat money improperly.
This is a classic Mises article that neatly clears up confusions about what the words "inflation" and "deflation" mean in economics and how these monetary concepts have come to be synonymous with the effects they have on purchasing power.
There's also an interesting discussion of why gold mining is not necessarily wasteful, despite the fact that any particular money supply is sufficient to facilitate commerce. That discussion could easily be extended to Bitcoin mining.