rational investment
take any investment, then assess its underlying running cost. and then its production, then its market price to work out if its profitable
or in crypto if the market price is near value(mining/minting cost) or ATH premium
crypto is great because you can calculate the underyling minting mining costs and assess the market price in comparison
becasue its digital you can calculate how many devices(miners or minting validators) are involved using the stats and comparing it to current gen hardware. calculate total hardware cost over hardware lifetime to then calculate hardware per coin
then using a reasonable range of modern country electric costs of $0.04-$0.50 /kwh you can work out the total network electric cost too and then calculate the per coin electric..
for instance
bitcoins most efficient mining cost is ~$25k+
ethereums most efficient minting cost is<$70
now compare that to their market prices and you will notice bitcoin is in good value zone and ethereum is speculating away above its means
..
remember buy low sell high
Bitcoin's market value is in no way tied to its security market (mining). Mining follows the price because miners only mine if it is economical. Alright that sentence alone ends the discussion with obvious finality, but let's keep just keep going... You're flipping it to try to say the relationship goes in the opposite direction, which obviously can't be true when the opposite is plainly true. Price in no way follows mining, therefore you can't calculate market value with anything to do with mining.
Same for Ethereum's minting. Ethereum's market value is based on the idea that crypto apps and smart contract stuff is going to take off. It literally has nothing to do with the cost of minting.
As with any currency, its worth as much as people think its worth. The market tells us what value that is. Bitcoin aint stocks, there is no 'underlying' thing you can use to try to calculate its value, and even with stocks that is only calculable based on the historically data about what is the appropriate factor between financial figures of the business and the market cap, it's nothing inherent, its analysts after-the-fact looking at historical data of what human nature has decided through market investment and saying "oh this is overvalued/undervalued".
Bitcoin's has inherent value in its capped supply (SUPPLY) and massive utility (DEMAND). That said, we COULD get bitcoin to follow mining prices (which it obvoiusly doesn't so far) if, like stocks and their company financials, we convinced the market that price should reflect mining cost by some factor. But that would just be a self-fulfilling prophecy of human nature at that point, and not saying something fundamental about mining/minting cost to appropriate market value, as you are trying to force. You personally can base your own appropriate market value perceptions on mining/minting cost, but there is absolutely nothing fundamental tying those two things together. And the only way you could get those two things tied together is by convincing the market as a whole to agree with you. So if that's your stated goal then keep up the argument haha, but the actual claim you are attempting to make - that market value and minting/mining cost are fundamentally tied together - is of course not true and there is simply zero argument for it.