[davidsong]

A little over two more orders of magnitude price increase before the next two halfenings and it's guaranteed to cause a world energy crisis.

[Obi_Juan_Kenobi]

Since Coinbase fees dominate mining rewards, each halving event also halves the equilibrium energy consumption. Since mining is speculative and capital intensive, you don't see a concomitant jump in hash rate, but the overall effect is obvious.

In other words, it's worth remembering that mining is currently massively subsidized through inflation, and as such future market dynamics must account for this.