Another question - in your example you've used average miner electricity costs at 0.12c per kWh. Do you still think this is a reasonable estimate? I suppose you assume that miners will move rigs to the lowest cost areas - overseas if necessary?
THere is a reason I put that variable on an axis of the chart
. In the long run, yes I assume mining will migrate to where electricity is cheaper.The cheapest rates I found are in Kuwait at an astounding $0.01 per KwH. Not sure if anyone will want to invest in a huge bitcoin mine located there, but for sure it will move to Russia, China, certain US states where prices are lowest.