In my own humble view, I think that the rise of electricity prices will not have considerable push-up effect on the price of BTC...the price is always determined by the market forces
my and pokers conversations about VALUE. is not about PRICE
again gold VALUE is ~$1k whilst the SPOT PRICE is like $1.8k
market forces (speculation hype, pump and dump bubble) is the PRICE determiner..
but the underlying VALUE is the determiner of the LOW where people stop selling down. you know the ultimate bottom.
electric and hash power does not determine the mid(active/spot) or any ATH(all time high) as again for emphasis thats the market speculation premium layer of volatility.
but the underlying value is the low
imagine it like farming fruit. it costs a farmer 20cents to grow an apple but the retail price for a customer is 60cents.
the price can swing up and down from the 60cents but will never go below 20 cents because thats the price the farmer costs it at to sell to supermarkets.. and supermarkets are not stupid enough to sell at a loss.
so whilst retail PRICE is market determined. value COST is cost determined.
have a nice day