Why can't we just estimate the "real" value of BTC with the amount of work that goes into operating it. We know the hashrate, we basically know what the hardwa

Why can't we just estimate the "real" value of BTC with the amount of work that goes into operating it. We know the hashrate, we basically know what the hardware is that does the "mining", we know the cost of the hardware and we can estimate some mean electricity cost. The hardware has no other real use (except for heating) so there is an upfront investment the miners were willing to pay and also how much they are continually willing to invest. This is a real world in investment that is not easy to withdraw from the Bitcoin system