Scarcity = Increased value

#Bitcoin hashrate just hit a new record high (ATH). The cost of mining bitcoin has increased. With the Halving coming in 5 months, meaning the supply rate will further reduce by 50%. Ie, cost of producing bitcoin will further increase.
While the cost of producing something should not dictate its price, but most miners will not want to sell their newly mined bitcoins below cost.
What do you think will happen?