say a bitcoin miner had free electric, free mining equipment. but no other job. if it took 2 weeks to make a bitcoin. he would still only sell his bitcoin for a price to cover 2 weeks of living costs. EG $300.($150 / week minimal living cost)
now add on price of electric for the miners that dont get free electric. this may equate to $60.
now looking at the difficulty. the cost of equipment to be able to mine a bitcoin in 2 weeks is about the same as a 4 module avalon averaging $2000. and knowing that every difficulty increase over the last 3 months as been near 40% lets say that the miner would be required to buy a new unit every month($800 at 40%). just to break even.
so lets combine it all $800+$60+$300=$1160
this $1160 would become the minimal price a career miner would sell their bitcoin for which would increase in price as difficulty increases or would decrease as difficulty decreases.
While I like this breakdown I disagree with its direct relationship to the actual price of bitcoin. As I attempted to describe in my post, the price value relationship is uniquely correlated. In addition to this price-value relationship, bitcoin has added benefits that are central to its success but secondary to its value. Benefits I went into above regarding assured value, no risk of seizure without direct participation, no risk of artificial hyper-inflation, and unmatched security best possible assurance of impartial validation and transaction authenticity verification.