I am somewhat surprised by how poorly the production cost tracks bitcoin's price on the upswing. Obviously there's friction and delay in spinning up new mining

I am somewhat surprised by how poorly the production cost tracks bitcoin's price on the upswing. Obviously there's friction and delay in spinning up new mining rigs, but I guess I would've expected that delay to be less severe - even if you were spinning up less efficient chips, it'd still be profitable if the hash rate and price were far apart. Maybe this was exacerbated by the covid chip shortage, and we might expect closer tracking in the future?