I find this Saifedean's hypothesis fascinating, particularly the distinction between Bitcoin continuing to growing while Bitcoin mining potentially decline.

My opinion is, a decline in mining electricity consumption it wouldn't means Bitcoin it is becoming weaker. It could simply means the mining industry it is becoming more efficient and economically selective. Difficulty it can basically continue rise even while energy consumption fall.

I also think the AI angle is worth watching too. Miners they has historically been excellent at monetizing stranded or cheap energy, but if other energy-intensive industries can offers better returns, capital will naturally move.

Are we witnessing the beginning of peak Bitcoin mining, or just another phase in the mining industry's evolution?