I never understood the tendency to view mining cost projection in terms of a static equilibrium. It's dynamic and electricity prices are just one factor. Please enlighten me if you think mining doesn't fall into the realm of steady state systems (
http://en.wikipedia.org/wiki/Steady_state).
Which "part" of mining do you view as being in "steady state"? Population, revenues (profits), concentration of hashpower/electricity, etc. "all" of it? (what do you consider "all"?)
I think it's really not in steady state, but I'm curious to know why you think so.