whose value arises from the cost of mining (hardware purchase, power, maintenance, and time spent) This is not true, and represents a fundamental misunderstand

whose value arises from the cost of mining (hardware purchase, power, maintenance, and time spent) This is not true, and represents a fundamental misunderstanding. The value of bitcoin arises solely from the demand for it. The cost of mining is driven by the value of bitcoin, not the other way around - if demand for bitcoin were to collapse, the price would drop, and all rational miners whose current operating costs exceed the new price would stop mining. This would result in the next blocks being mined very slowly, and would eventually result in the mining difficulty dropping, bringing the cost of mining back into line with the market price.