But pow is not a production cost, you can mine exactly the same amount of bitcoin at the exact same rate with two rasperry pi for 3 cents a month. Its a proof of work used to solve the byzantine général problem, fondamently bitcoin cost nothing to produce. Therefore it has no bottom value.
The pow adjust with the economic value of the network to avoid 51% attacks not the other way around. That's where you reasoning is fondementally flawed.
Currently clearly its more like a cheap pop star or flacky art rather than gold that has been used a store of value since antiquity.
so much wrong again..
sorry but someone with 55petahash and someone with 110terra hash is not going to get the same bitcoin reward amount.
you are not going to earn 6.25bitcoin using a raspberry pi for 3 cent a month.
you are going to get a couple sats.
and you will calculate the cost:reward as such. where by someone with 55peta is going to get more based on his work
EG with gold
if you had 2 people in the same quarry digging for gold. the guy with the expensive excavator and sluice machine will earn more gold, than a guy with a pickaxe and a sifting dish
The first bitcoins were mined at higher rate than today with 3 cpus.