Pricing something without a market
In 2009 there were no large Bitcoin exchanges or deep order books. New Liberty Standard estimated computer electricity use, energy prices and the BTC produced, then published the resulting rate.
A cost model gives a starting number. A quoted price is an offer or calculation; an executed price exists only when a buyer and seller actually trade.
Mining cost is not a guaranteed floor
Costs influence which producers stay competitive. If mining remains unprofitable, some miners switch off. That does not force the market price to cover every miner's bill; inefficient operators can leave.
Bitcoin difficulty later adjusts to total hash rate. When miners depart, block production does not create a permanent guarantee under the BTC price.
From a formula to a market
As exchanges and users arrived, broader competition between bids and offers formed prices. Market depth measures how many orders wait at different levels; deeper markets absorb larger trades with less movement.
The first rate is a bridge from a technical experiment to an economic good. It does not prove that Bitcoin is worth its electricity input, or that any later market price is correct.