Hashing generates a certain fixed number of bitcoins per hour, irrelevant of bitcoin or electricity prices. When the price of bitcoin goes 100x up, the potentia

Hashing generates a certain fixed number of bitcoins per hour, irrelevant of bitcoin or electricity prices. When the price of bitcoin goes 100x up, the potential mining revenue goes 100x in fiat, so rational investors will compete for that by increasing the hash rate of their rigs and buying more hardware that draws more electricity. The algorithm will compensate and the difficulty will adjust so that the same number of bitcoins is generated, but the new equilibrium will happen at a point where 100x more electricity will be wasted compared to the original state. The only thing that can change this equilibrium is the halving of the block reward happening every 4 years, or short term adjustments like the ones you mention, where the market is slowly building capacity or does not have enough trust in a price increase to invest in new capacity. On the long run, in a given 4 year window, these even out so that 100x price means 100x electricity.