Would opp cost of mining MTR cause a higher price floor then expected?

Energy Value of BTC = Energy Input in USD / Supply Growth Rate
Source:https://medium.com/capriole/bitcoin-value-energy-equivalence-6d00d1baa34a

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Attributing the energy spent to the value of Bitcoin is a pretty interesting hypothesis. Based on this hypothesis, why do you think the price floor may be higher than expected for MTR, when the block rewards are variable?