Given the halving, how do you anticipate miners will be impacted?

For large commercial miners, such as Bitfarms, it’s really not clear to me how the economics of mining will play out in the next halving.

Given that Bitcoin is going to become harder to mine, the overall productivity of miners will decrease. However, Bitcoin (assuming) should increase in price. But the key thing I think miners offer is that they’re the select few that can actually generate net-new Bitcoin.

So generally I’m curious how you think the price of miners will be influenced by the halving. Currently, my baseline assumption is that they’ll just continue to be heavily correlated with the price of Bitcoin and serve as a proxy to owning Bitcoin for many.