the price of bitcoins will converge to the average cost of computing bitcoins
Actually, it's the other way around. Since rate of supply is fixed by the protocol, the cost of producing that supply has no influence on the price.
But the price does have an influence on how much the suppliers are willing to pay. Hence total bitcoin computation power follows price (with a delay due to time to acquire new hardware or repurpose existing hardware).
Actually, it's the other way around. Since rate of supply is fixed by the protocol, the cost of producing that supply has no influence on the price.
But the price does have an influence on how much the suppliers are willing to pay. Hence total bitcoin computation power follows price (with a delay due to time to acquire new hardware or repurpose existing hardware).