I'm not here to debate the profits or moneymaking schemes. My only thesis is that Bitcoin has value, and one of the drivers of that value is it's decentralized and global nature.

>What's going to happen when/if the cost of mining goes above the value of the bitcoin?

There are simulations/discussions on this, and we're not sure.

But the thing is, for the cost of mining to be over the value of bitcoin it would require a huge coordination of miners. Even now, when we saw Bitcoin lose a lot of value it immedietly resulted in a big amount of miners moving to other cryptocurrencies. This then resulted in difficulty reducing, and profits rising back up to previous levels.

But I will admit that, similar to a black swan event, a "bitcoin mining death spiral", could be possible.

What a privileged thing to say. Please reconsider and think a bit more broadly, what could be the value of a system that is globally accessible and not controlled by a central authority. Then you will realize how immensely valuable an unique this resource is.