Doesn't this argument ignore the basic supply and demand of electricity? Even if the supply of electricity remained the same, if the price went up 100x, then that would allow for (1) current energy use of bitcoin, and (2) 100x price of bitcoin, which you said was impossible. That was simple.
Obviously the price of electricity is unlikely to 100x, but I think it's entirely reasonable that jurisdictions start placing taxes on electricity use for crypto miners specifically, which would have the same effect, without affecting the rest of the economy.
Miners will also probably start investing in, and operating, cheaper power sources that are not connected to the grid, if/when those taxes get too burdensome.
Obviously the price of electricity is unlikely to 100x, but I think it's entirely reasonable that jurisdictions start placing taxes on electricity use for crypto miners specifically, which would have the same effect, without affecting the rest of the economy.
Miners will also probably start investing in, and operating, cheaper power sources that are not connected to the grid, if/when those taxes get too burdensome.