And by the way, the correlation between mining cost and price is that price comes first, out of the minds of the market actors. The cost of the coins will match that price.
Price come first because the market always looking forward 6 months, the price for bitcoin is always a projection of the mining cost per coin 6 months later, by smart investors
Let me try again. The value of a bitcoin originates in the minds of
all actors, including buyers, sellers, sellers of goods, hoarders, asic manufactures, bitcoin pole dancers..., taking into account
everything, including the present and the future. If some actors's values cross each other, there will be a trade and hence a current price. The cost of mining is derived from that price.
Your theory is the labour value theory, capital being condensed labour. It has been refuted for centuries.