Of course. That's how Bitcoin works. Less than $100,000 worth of Bitcoins are mined globally in that time. Therefore all bitcoin mining power is being expended for a share of that reward. The assumption, which I acknowledged isn't completely true (because people are stupid), is that the the total amount of work done should not exceed the value of the reward they're competing for, otherwise miners would realize that on average they're losing money and stop doing it.
But given that people are stupid, I can easily believe a substantial amount of money is being wasted. Suppose we allow a "stupid factor" of 90%. That would still only bring the global cost of 2.5 hours of mining up to $1,000,000. I'm just having a hard time reconciling that with a $X00,000,000 price tag for a machine that takes ~3500 times as long to do the same work.