Let K be the ultimate energy power and Ki be the energy power who will commit in era i only. In other words, K is contributed by long term miners and Ki is contributed by short-sighted miners. The price shall be in long term miners view and in short-sighted miners view. The both prices shall be equal otherwise new miners will enter or old miners will exit by energy arbitrage. Therefore, and the overall energy power of era i is to be in equilibrium. This also helps to conclude the market share of mining rigs.
See here for the relevant graphs. The blue curve is the ratio of current era energy power to the permanent energy power given all people are smart and rational and no arbitrage opportunity. The red curve is the ratio of coin current era price to the ultimate price given all people are short-sighted and consider the cost of the coin production only in current era. Up to now, the energy power pattern never matches the blue curve, therefore the speculation period continues and the price can swing in between the correct price and the current era production cost.
During the speculation period, the human greed will devote to the mining operation more the energy power than the ultimate energy power. This greed will encourage the construction of cheaper sustainable energy especially solar energy due to its retail-friendly nature, or, this greed will encourage the saving rather than consuming when a young lady realizes mining or buying bitcoins earns more than buying 9 pairs of shoes. Over all, people will eventually find they have more energy infrastructure standby than before. Following the blue curve, the additional energy power Ki not used for mining but then must be used for the civilization. Energy is real money of the universe and energy per capita is the wealth of a person which will improve hopefully. Note that the goal of money is for the trust incurred in division of labor cooperation. As long as people live in wealthier and more homestead way, it is difficult the speculate the capital capacity of the money; it could be as high as today because a huge amount of fossil energy is harvested easily to support the economy and the required trust; it could be low because people become more energy independent to command a robot for a housekeeping work rather than hire a cleaning profession. It is difficult to speculate the ultimate K. But one thing can be sure, bitcoin is a gift to civilization with noble heart and greedy clothes that typical person may hardly find out.