Several factors could contribute to the rising price of mining ASICs; since these are specialised machines that only do one thing, mining Bitcoin, they are relegated to niche manufacturers who only source and supply units based on the current demand. 

Computer chips are the most expensive component in an ASIC rig, and orders for these chips compete with other manufacturing sectors worldwide. If you’re a niche manufacturer trying to secure a supply of microprocessors, and you’re competing with phones, automobiles and other electronics with larger budgets and scale, your allocation of chips will be limited. 

While chips and semiconductors are pricey, another issue is the scarcity of wafers which are small discs made of silicon that hold a chip together to build integrated circuits.

Cyclical factors also influence the price of ASICs, namely:

Increased demand: As the price of Bitcoin increases, so does the demand for ASIC miners. This is because ASIC miners are more efficient at mining Bitcoin than other types of miners, such as GPUs.Limited production: The supply of ASIC miners is limited by output, which can also contribute to price spikes. This is because a small number of companies manufacture ASIC miners, and the production process is complex and time-consuming. Fear of missing out (FOMO): During a bull market, there is often a lot of FOMO among investors. This can lead to people buying ASIC miners even if they are not profitable, in the hope that the price of Bitcoin will continue to increase.ASICS fall out of circulation:  The supply of ASICS is also limited by their lifespan; miners push these devices to their maximum to generate as much hash power as possible. ASICS will eventually fail and end up on the rubbish heap.