I think that as the value of bitcoin decreases, a lot of the mining will stop for want of profitability. Right now it's still Klondyke days and everybody is out there with his pickaxe. In a few months, slightly used pickaxes, or in this case GPUs, will be cheap and plentiful.

It's stupid while it lasts bit fortunately it won't. Bitcoin has no practical utility, neither as currency nor as a store of value, and you can't pick the blockchain apart to extract anything of value. Bitcoin is like my dad's books of completed sudokus: Proof of hard work but not of any value to anyone.

ATM Bitcoin is approaching the $10K mark from above. The press will soon be writing stories about people who lost this-and-this-much. The stupid money which fueled the bubble will dry up.