You make good points on how bitcoin could grow to use a larger share of generated energy even without increases in its exchange price, but don't forget Andy and

You make good points on how bitcoin could grow to use a larger share of generated energy even without increases in its exchange price, but don't forget Andy and Bill's law: "what Andy giveth, Bill taketh away". More generally, the Rebound effect suggests other expansions will consume a sizeable portion of efficiency gains (or possibly exceed it). Video gamers will want higher res VR devices, they'll want richer worlds with better physics, animation, AI units and high fps high resolution graphics. AI software is absolutely guaranteed to use up any 100x gain in efficiency and more will be demanded of computers. A backfire effect is predicted as possible if new capabilities once discarded as infeasible open up (ala aluminum smelting, constant use of AC) and when new economic activity generated by gains in efficiency results in a larger number of wealthier participants. Such effects from efficiency gains are fine so long as they're focused on energy and not say, polluting fuel use efficiency. Buckminster Fuller proposed ephemeralization as the manner in which prosperity could increase given growing population and finite resources. This takes place because as material use decreases; information, computation and energy use intensity increase as more activity is displaced into them.