Mining doesn't determine price.
Price determines mining.
Discussion
I curious about your perspective though.
that is a misunderstanding , in time everyone will understand the interplay between the 3 mining vectors
The three vectors? Block reward, price, mining competition?
https://on.soundcloud.com/SWxw6
this is a long talk but when you get to the cypto section it will be explained
but basically you get BTC two ways buy it or mine it if it's less expensive to mine it will bring price down and vice versa
So market participants either buy BTC with cash, or the mine it. Ok.
Doesn't the difficulty adjustment take price out of the equation? - there is only so much block reward, and it is doesn't matter how much mining you do, you can't mine more (or less).
The marginal price of mined BTC will (eventually) follow the value of the block reward.
Value of block reward = ((subsidy+fees) * BTC market price)