This is how intrinsic value of commodities is being measured based on production costs.
Construction is a bad example.
Gold is a good one.
There are two big differences between Bitcoin and commodities that invalidate the dependence of its price on production costs.
1. Unlike commodities (and gold), Bitcoin production does not vary and is not affected by the production cost or the price.
2. Unlike commodities, bitcoins are not consumed.
The price of a commodity tends to move toward its production cost because the production cost acts as a floor and competition drives the price down to the floor by increasing the supply.
In contrast, the production cost of a bitcoin tends to move toward its price because the price acts as a ceiling for the cost and competition drives the production cost up to the price by increasing the difficulty.
Thus, the price of a commodity may ultimately depend on the production cost, but the price of a bitcoin does not.