ArticMine you entirely didn't address my point that if marginal cost of mining one CC token is $600 (yet the mining farms such a 21 Inc. project a $8 cost for themselves), then if suddenly millions are mining to pay some portion of their electric bill, then the market price of the CC token is going to fall down closer to the actual cost of production $8 because those are millions of sellers (if they don't sell, they don't lower then electric bill).
Mining equipment has a capital cost also. If they are unwilling to pay the capital cost for natural gas, why would they be willing to pay capital cost for mining equipment to lower then electric bill by less than switching to gas will.
Once we turn mining into a race to consume the most electricity in the most ways possible, then it means we will drive the electricity costs of producing a transaction up to the value of a transaction, because block rewards decline to tail reward (or 0 in Bitcoin's case), so the only revenue remaining are the transactions.
This is 21 Inc's strategic mistake also. I am going to obliterate 21 Inc.
What you are describing here is a new generation of ASIC that has a 75x efficiency advantage over the previous generation. Even in this case the old ASIC is still competitive in the 100% electric heating case since 1) The old ASIC has zero capital cost since it has already being depreciated and 2) There is zero effective electricity cost.
The real issues here are
1) The builders of the ASICs are also the operators of the ASICs
2) The Bitcoin at 1MB block size is too small relative to the Bitcoin 10 min block time. This allows 1) above to happen, by minimizing the impact of the Great Firewall of China.
3) The whole POW mining algorithm in Bitcoin is broken regardless of how Bitcoin is mined, since the emission in Bitcoin will go to zero over time. We can debate forever
how Bitcoin will fail over this, but I understand that we are in agreement that this will cause the eventual failure of Bitcoin. Even with fixed 1 MB blocks I fail to see how the "fee market" in Bitcoin is supposed to work.