No, the costs are the costs. The value comes from the fact that there's a demand. If there's no demand for gold, it doesn't matter how much it costs you to extract it from the ground: It's simply valueless.

However, in Bitcoin there's something different. The costs are somewhat connected with the valuation, because of the difficulty, which is a parameter that does not exist in any other asset. If the demand rises by a lot, it brings more competition into mining which makes it, in consequence, more expensive to mine 1 BTC. Oppositely if the demand drops by a lot.

The canon is the canon, though. If there's no demand, there's no market value, despite of the costs.