funny thing is..
for years i have been running charts of the cheapest and most expensive mining costs.. and treated that as a value window.
and in 99.99% of chart plots the price sits within the mining cost value window.

check one example recently
https://bt.irlbtc.com/view/5382559.msg59053731#msg59053731
the blue and purple line is mining cheap-premium. and if you look at the peaks and valleys of mining cost. and then look forward a few days,weeks the price then follows with a peak or valley.

this is because when it costs more to mine, for instance in USA than the price is. hobby miners switch off their asics to then buy. which then makes the price rise with the mining cost.

when its cheaper to mine than the price. people turn on their miners and stop buying.
check out the april mining cost dip. and then the price dip in may
check out the june mining dip due to china.. and then the price dip in july

yes the november 2021-jan2022 is a bear sign where prices decrease even when the costs dont, but that shows the cheapest miners remained bullish from jun-december even with a market being bear november-december.. but even so even now today the price sits within the value window of cost. the bottomline blue are the cheapest miners on the planet and they only react when their profit margin gets small. they dont react daily, weekly monthly they only started reacting in january this year and only a small amount of them cheap asics miners reacted

The Value and the Price aren't the same things. Most likely you mixed it. The value of Bitcoin totally depends on how people are adapting it and how the community growing. It's because Bitcoin is a decentralized cryptocurrency backed by the community. As much as the real use case increase, the value increases as well.

On the other hand, price fully depends on demand and supply. Nothing to do with the mining cost. Miners are making a profit, so whatever the cost it won't hire than the price they earn. Price always moves based on buyer and seller emissions.

Funny thing is that you are using numbers that satisfy your conclusion otherwise as I've told you elsewhere and you ignored it the cheapest electricity cost is $0.002/kwh in other words your minimum is 20 times higher than the actual minimum.

You are ignoring the size of the market. There aren't enough "hobby miners" that would buy bitcoin in your scenario to have any kind of effect on the price.

It's the same as ethereum and dogecoin.

Not sure if its more or less than an NFT

When you talk about the sales performance, then you are still talking about the demand and supply that the OP had said to be removed. In this case, I wouldn’t say that shares is the right thing to be using as an example, because shares are basically all about the level of demand and supply or should I say sales performance in a company, and the shares in a company wouldn't have any value at all if there are no sales performance or demand and supply in that company.

But in Bitcoin, you have to mine it which means that it is quite different. Before you mined it, there were things involved. Will say that Bitcoin is like gold, what does it cost to mine a gold?

To know the value or worth of any commodity demand and supply is important ,because is when there's demand that producer will produce more good and supply them. And for bitcoin it will be difficult to calculate the value because the price is not stable,well the miners may be able to calculate the cost of mining by calculating cost of electricity or fuel for generator,or any other thing they use for the mining.