Though as a token holder if you dont earn anything and the miner takes everything how do you value it ? Ultimately if token holder gets none of the income , there is no income stream to discount and present value. In a reit, the shareholder gets the combination of rental yields from all the varying real estate assets. In crypto though , anyone can buy the token, you dont have to mine the token in order to get it. I could understand valuing it from the miners perspective, but not from the token holders. I think a modelling framework could definetly be created for miners , it should not be too hard once you have the basics down the cash flow model is not diffcult to make. The assumptions are always what most of the model is reliant on. Your assumption is a perfectly valid one as it is observable in current mining operations.