The dollar is and always will be shit... I didn't say it wouldnt be.
If electricity is free, Bitcoin will also be shit. The protocol literally doesn't work if electricity is free.
Discussion
If electricity was free 🍞 wouldn’t be either
Just hope you understand my point
Energy is never and will always be price and energy is not electricity ⚡️
Still cost of mining hardware though?
You're right that cost of hardware plays some role in the security, but only according to the ammortized cost over the usable lifespan of the hardware. As ASICs tend to be usable for longer and longer, that ammortized cost is dimminishing.
From a game theory perspective, Bitcoin's security comes almost entirely from the electricity cost to run the ASICs. If that cost goes to zero, Bitcoin's security would follow.