> Meaning even if the value drops at exchanges, no miner will sell below this value due to not breaking even on electricity You have causation reversed here.

> Meaning even if the value drops at exchanges, no miner will sell below this value due to not breaking even on electricity You have causation reversed here. It is not that bitcoin would not sell/be worth less than the amount to mine it. Instead, it is that it wouldn't be mined if it were worth less than the cost to mine it. At which point, miners would drop out, and the cost to mine it would reduce, as the difficulty goes down.