Well a halving halves as much value you get per kwh of energy spent if the hashrate stays the same. So it will eventually hit a point where a halving will make

Well a halving halves as much value you get per kwh of energy spent if the hashrate stays the same. So it will eventually hit a point where a halving will make a lot of miners unprofitable and the overall hashrate will slow down until it reaches a balance again.