Andreas Antonopoulos, the well known BTC promoter, said that we already have too much of hashing power, which still increases day by day. I have a bad feeling that eventually BTC corrects to a level that makes mining profitable only to those, who have 0.06 USD/kWh or cheaper electricity or those who mine with co-generation of heat. And that level would be below 2000 USD/BTC.
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Why 0.06 USD/kWh? What's special about that price?
Because there are plenty of energy sources at this price level to still ensure proper decentralization level. Lower prices would cause larger and larger centralization, until bitcoin user base would eventually switch to more decentralized solution.