Well I like to think about intrinsic cost! So gold has an underlying cost for mining, refining, manufacturing to create the items we have intrinsic value for. So it has cost because of work done then limit of supply creating demand therefor ever increasing value as long as interested.
I agree with your intrinsic value assessment, but you need to include the cost/investment of miners supporting the network.

An Antminer s7 should mine 1BTC worth in a little under 3 months (under the new difficulty). It consumes 1.2kW of electricity. Three months is 2,160 hours.

Multiply 2,160 hours times 1.2kW times the cost of electricity in kWh.

Electricity costs vary widely per kilowatt hour. Country-wide averages are in the range of 8¢ to 41¢, but can be much higher or lower.

Bear in mind, this is not including the costs of the miner itself ($850), Internet, air conditioning (it's a 1200w heater), your time, etc.