Ooh. I don’t think so. I think the price in that thought experiment would plummet with everything else.

Let’s push this further toward the theoretical extreme. Suppose energy became one million times cheaper (and thus people could turn on a million times more miners—a million times the current hashrate for the same electricity cost). The difficulty would simply adjust to make it a million times harder to find a block. So why would the price plummet if the supply stays the same?

At some point, cheap energy pushes the price of gold to zero doesn’t it? They already know how to manufactured I’ve heard.