I see what you mean, but in reality miners are constrained by mining hardware production speeds, and mining hardware pricing which charges a 10x more for a 10x

I see what you mean, but in reality miners are constrained by mining hardware production speeds, and mining hardware pricing which charges a 10x more for a 10x more efficient machine. It is almost always a margin call whether buying a new machine will pay for itself, so the 100x elastic response you are describing seems unreasonable. There are also 2 factors to control the growth of miners, reward halving and the end of this weird period of high fee transactions. After transaction fees drop down, a lot of older mining hardware will be unprofitable and come offline.