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I have a question. This might turn out to be stupid. What happens if the value of 1 bitcoin falls below the required threshold i.e the cost of energy + hardware to mine. I do understand that the probability of such an eventuality might be close to 0.

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It will become uneconomical to mine and therefore people will stop doing so, causing the hash rate (and therefore the cost of energy + hardware required to mine) to plummet, eventually making it economical again.

Hashing does not materially impact the global price of electricity.

Also, hardware is a fixed cost, fixed costs don't affect the price at which miners would stop mining.

Mining fees will grow.

*as the network stops processing transactions

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