Actually, it won't get any value if there is no supply and demand traders and exchange is who decides how much the price of Bitcoin. There is no fixed price for Bitcoin.

If you talk about mining costs it depends on your Electricity rate and difficulty and the buyers if how much they want to buy your BTC.
You can't just calculate it without the price of BTC that is why there is exchange supply and demand who decide what will be the price of BTC.

I guess it is false to equate production cost with the true value of something. There may be times when production cost is the primary consideration in giving something its reasonable price-- I'm not even speaking of true value-- but the moment the supply and demand factor does not cooperate, the production cost factor will have to give way. Such is the reason why there are instances in which goods are thrown away, left unharvested, sold at a loss, and so on. This is also the reason why certain factories, farms, manufacturing companies, and so forth face bankruptcy. The market has the strongest say in terms of value.

if there is no demand. EG bitcoin has no usefulness. then no one would use it, meaning no reason to mine it.
but bitcoin does have a use/purpose. so people do demand it. and so then the cost(value) then comes in because people ARE mining it

if gold could be mined in a backyard using nothing more then a spoon and a coffee filter for $2 an ounce. then the market would be about $2-$5
but because it costs over $900 to mine gold the market is $900-$2k
the 'supply/demand' speculation is not the $900 value. its the variable/volatile emotion of the above $900 part.
but underlying value/cost sets it at the least of $900 becasue thats the cheapest mining cost, no one wants to sell below

the simple calculation is find the most widely used ASIC details
        brand                    hashrate     electric     hardware cost               regional power cost
EG antminer S19pro      110thash     3.25kw     $12,000(2 year ROI)            $0.04/kwh

and the network hashrate say 195exa(195,000,000thash)
first calculate the asic cost
195,000,000/110=1,772,727 asics
then total up all the asic hardware cost
1772727 * 12000 = $21,272,727,272.73
then calculate the hardware cost per block
21,272,727,272.73 105000 = $202597.40       (bitcoin mines 210k blocks/4 years so 105k per 2year average ROI)

now for the electric
1772727 * 3.25 * 0.04= $230,454                 the electric used per hour for the network
then per block
230454 6 = 38409.085

then add hardware and electric.
38409.085 + $202597.40 = $241,006.48
now calculate per btc
$241006.48 6.25 = $38,561.04

ofcourse. the network hashrate is high in this example. as is the electric region low in this example. so adjust to better amounts.
EG todays 183exa hash is $36,188.05 for cheapest electric ($0.04)
EG todays 183exa hash is $83,768.05 for expensive electric (0.37)

no one mining can mine cheaper than $36k and no one mining can mine more expensive than $84k
and so al the emotional decisions to buy occur between $36k-$84k

for instance. japan/germany with highest costs wont mine for $84k if they can buy it cheaper
no one on planet wants to pay $84k if they live in america at 0.13 electric rate meaning they can mine it for $49k or just buy it for less. so even america would be hopping out of mining and just buying right now
kazahkstan and iceland can mine cheap so instead of buying they are mining.

and now you can understand why the "demand" of the PRICE is so volatile between the $36k-$84k'value-premium cost range'

Bitcoin is not a product that means that bitcoin price is not decided by its production cost.

What you are asking only works for products, like a car for example. They have a production cost and that decides what the finial value of it is. But in case of bitcoin the only deciding factor is the utilities that bitcoin provides and the supply & demand (or adoption) of it.

Even more interesting is that for bitcoin the "production cost" (ie. the mining cost) is decided based on bitcoin's price not the other way around.

No asset will have value if there is no demand and supply, there won't be a need for bitcoin mining activities if the demand and supply are taken away because the will be zero transaction for the miners to confirm which automatically result in zero block reward for the miners so ultimately that can never happen.

Production cost is inefficient to represent the actual value of bitcoins. It would be possible to create a coin which lacks many of the features of Bitcoin, but is as difficult to mine; People would not buy this coin or token at an elevated value, simply because of the cost to produce it.

Bitcoin was created with unique features that makes it valuable and attracts the demand ebi h grows the price and that is more of an indication to the intrinsic value of Bitcoin.
The cost to mine bitcoins also varies with time and location making it rather difficult to get an exact price, you'll instead have a range of what the amount could be.

If we talk about true value, it is different from the value induced by cost of production. You might spend much in producing a product, but the product will not be of any value. Value is proportional to demand.
I will only demand for something that is valuable to me.
Then in the other hand, bitcoin is not a product.
Let us see bitcoin as a currency. So, can the value of US dollar be determined by the cost of printing it?
I believe that value according to cost of production is only applicable to the genesis and early mining stage of bitcoin.

The cost of mining is different in different areas and regions as mining cost depends upon a number of factors, the major one being the electricity cost. However, the true value of bitcoin is not calculated by average mining cost. If you calculate this price, it will be the minimum price of bitcoin and not the fair value. The true price of bitcoin is what people are willing to pay for, in order to buy bitcoin and this true value will increase with time as more people invest in bitcoin.

There's no exact value of mining Bitcoin since it's vary by the difficulty, electric cost and mining rigs you used to mine. Back in the days where you can mine using CPU or GPU with low difficulty, but nowadays you need good rigs in able to mine it.

I'd say the mining cost isn't the true value of Bitcoin, it's different with production cost where the product isn't scarce and you can produce whatever amount you want. The true value of Bitcoin is 1BTC = 1BTC.

First of all Bitcoin doesn't have a global adoption it value relies on the constant supply and demand of this said digital asset meaning if by chance investors decides to dump Bitcoin completely it would result to a 100% useless commodity same thing is applicable to legal tenders if the citizens decides to abandon it, it losses its value completely