Right now energy is priced in dollars and sats are priced in dollars (for most), so mining is an arbitrage against the dollar. Spend x in dollars get x+ in sats value. What happens to energy prices when priced in bitcoin.

For example I read it would take solo miner 266,000 kWh to find a block (if ever) and might take 7 years. At $0.12 per kWh would be $31,920. At $46,000 Bitcoin that’s “profit” of ~14,000.

If priced in Bitcoin would the cost of energy equal that value of the network? Having a hard time wrapping my head around this.