Imagine, for a fleeting moment, that Bitcoin actually started trading for $1M as some people claim will happen. Have those people ever considered for a moment what that would do to the energy use of mining? If all the miners suddenly decided they would be willing to spend up to $1M in electricity per bitcoin mined, then the hash rate would adjust fairly quickly to require that much electricity per bitcoin. Currently, it looks like 900 bitcoins are mined per day. That would mean it would cost almost a billion dollars a day of electricity to keep the price that high (not to mention the cost of that much equipment to actually perform the hashing).

As an aside, Bitcoin proponents often point to the carbon footprint of the entire financial infrastructure and say that Bitcoin is "efficient" compared to that. But if Bitcoin suddenly cost 30x more electricity to validate (and still just as slow), I can't imagine that it would even be a contest. Bitcoin would probably be using the amount of electricity as several first world countries at that point.

Is it possible to reconcile the electricity cost of Bitcoin with the concept of a "moon" in the currency? Is this a thing people consider? Or does the idea that their "investment" will 30x cloud their ability to rationalize that aspect?

Sorry for the rambling nature of this, I was scrolling buttcoin in the shower and had a literal shower thought.