It seems that you're confusing allocative efficiency with cost efficiency.
Anyway, the production costs of "a Snapchat" depend on the costs of inputs and the current state of technology. Specifically they are not a function of how much a Snapchat is worth in the market. Snapchat can increase the production costs arbitrarily, for instance, by wasting energy, and they could totally decide to waste as much energy as the market price of a Snapchat would allow. How moronic would that be? This is what Bitcoin does. It's important that people understand how Bitcoin works, because once they know how stupid it is a lot of them don't want to have anything to do with it. This has been my experience so far.
I would like to add to your comment that the stupid algorithm called "mathematical puzzle" is just a brute force loop in order to find the nonce => nonsense waste of energy
Anyway, the production costs of "a Snapchat" depend on the costs of inputs and the current state of technology. Specifically they are not a function of how much a Snapchat is worth in the market. Snapchat can increase the production costs arbitrarily, for instance, by wasting energy, and they could totally decide to waste as much energy as the market price of a Snapchat would allow. How moronic would that be? This is what Bitcoin does. It's important that people understand how Bitcoin works, because once they know how stupid it is a lot of them don't want to have anything to do with it. This has been my experience so far.