When Satochi first starting mining in 2009, the bitcoin he was mining effectively had no value. The same was true when others were mining up until the point there was actually a market for trading bitcoin. The point of this is that mining does not give bitcoin it's value (it gives bitcoin it's security)
The market for bitcoin is what gives it it's value
The market for bitcoin is what gives it it's value
In general, market price is based on production cost. As long as there is a cost, there are some corresponding value put into production, then the value is baselined
Market price can be lower than the production cost. What happens then is that production facilities close down - think of non-functional gold mines.
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