Additionally I was thinking that this Equihash can be trivially sped up on an ASIC because the Equihash algorithm is not memory latency bound and thus is bound on the sorting and computation speed and/or the memory bandwidth, which can be optimized with specialized hardware.
There is no publicly available optimized code for Equihash, so we don't really know to what extent it
is bandwidth or latency bound. There may be subtle trade offs between the two. We really need to see the memory behaviour of actual running optimized code.
1. You didn't address my electrical efficiency point, which I think is probably the most damning. I very much doubt that the memory power consumption will be even 1/10 of the computational power consumption. Thus an ASIC will be at least 10 times more power efficient, Don't I remember pointing out the same issue with your Cuckoo hash? What was your retort again?
2. I also very much doubt it will be latency bound (even after the 10X speed up of the computation), because optimized sorting doesn't have to be random access.
For any memory bandwidth bound, there is this: