> but crypto mining is just competitive, so the value of mining will go up with the cost of energy and keep using as much energy as ever. That is not true. If

> but crypto mining is just competitive, so the value of mining will go up with the cost of energy and keep using as much energy as ever. That is not true. If the cost of energy increases, mining / hash rates will decrease. Miners are competing, and the limit to the price they will pay for electricity is the value of the cryptocurrency they are earning for the activity.