Bitcoin mining revenue will become entirely provided by transaction fees as block rewards rapidly fade away.
There isn't infinite demand for Bitcoin block space. Higher transaction fees push people to 2nd layers (Lightning), side chains (Liquid) or custodial exchanges, etc.
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BTC price went up far faster than block rewards went down, creating a massive amount of revenue for miners in the short term.
The price would have to double every 4 years simply to keep providing the same block reward revenue. Price would need to go up faster for it to increase.
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The economics of this don't support the kind of paperclip maximizer that it's portrayed to be at all. I think it's likely that the mining revenue stays about the same going forward i.e. price doubles about every ~4 years and people avoid paying orders of magnitudes more in fees.
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More cost efficient miners keep driving out the others, as always. If the cheapest power is subsidized coal (often the case now), they'll use that. If the cheapest approach is running your own power plants, they'll do that. If wind is cheaper than coal, they'll use wind power.
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That's the basic economics of it. Mining hardware gets massively more efficient too, so old mining ASICs lose relevance over time.
People won't pay 1000+ USD worth of BTC for each payment so clearly mass adoption would have to be via 2nd layers, side chains, etc. not on-chain.
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Do you really think people will pay (inflation adjusted) 1000 USD, 10000 USD, etc. for a single Bitcoin transaction?
If electricity wasn't so heavily subsidized where most mining happens, there would be far less already. Mining scales up/down to what block rewards + fees fund.
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10x more mining or 1/10 as much mining wouldn't change the throughput. Mining difficulty adjusts to keep it the same.
It's the security factor for choosing the valid path of blocks (security against double spends / disruption). Every node enforces the other rules themselves.
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I think you will get proven wrong in a massive way. #Bitcoin will either die or raise by far more than 2x per 4 years even in inflation adjusted terms.
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