If you assumed that the mining cost would somehow stay at 1 cent per BTC, still only 6.25 BTC per 10 minutes would be available at that price. Total trade volume is 1000's of times that. Only a tiny fraction of people could get that price and the rest would have to pay full price.
But, the mining cost would not stay at that price. Like you said, every man and his dog would mine BTC if the production cost were that low, and the result would be a swift rise in the difficulty and the production cost. So, whatever affect of production cost on price you think there might be would be temporary at most.
thank you for finally being part of the conversation where the cost is beneath the market price.. welcome to economic fundamentals, im glad you finally arrived into the conversation with your realisationthank you for realising the mining competition the pushes up the underlying cost, where the rise in cost leaves a non zero bottom no one goes below.. where the market then sits above the cost bottom