The price is the result of supply&demand equilibrium, and not result of electricity wasted.
The price is always the result of supply and demand equilibrium -- but you don't think the cost of production plays into the quantities of a commodity that people are willing to sell for a given price (
supply)?
There is always a ROI risk for supplier. Besides speculations, investment and hopes main trend can depend from technology adoption by public. There is also a risk that the price of mining hardware is over valued, and it just waits for big technology players to step in (also depends from technology adoption by public).