value is below market. premium is above market
it appears your numbers for 2022-23 are average not value

your formulae numbers are subjective
8 cent electric of a 12 month ROI

hmm



my numbers are
from efficient asic farming mining in low electric of $18k for this fortnights mining rate
to an inefficient asic hobby mining in high electric of $118k for this fortnights mining rate

which is an average of ~$68k
value: 18k
average: 68k
premium: 118k

as for your numbers for 2018.. that is way above premium for that period even for high electric regions

my math is based on a 2 year ROI
because industrial mining farms buy hardware that lasts 2 years and electric contracts that are bought for upto 2 years so the number of coins earned over a 2 year period become the math.

and industrial electric is cheaper then $0.08 and the hobbiest is upto $0.48

..
that said you have a good bases of looking beyond the markets for underling value. but your math is a lil out, compared to rational expectations of what real mining farms do

and another hint. the math you show saying how you are using 1 year measures of coins earned. and then 6 months and then fortnightly difficulty changes.. yet your charts changes daily so your not exactly sticking to the difficulty steps of one change a fortnight. using average hashrate of that fortnight

most miners dont account for costs on the daily. they take the monthly costs or the 2 yearly costs and compare it to coins earned over those averages