When China banned Bitcoin mining, panicked local firms went into a fire sale mode for their rigs. The bulk of the crypto miners went to Russia, followed by Kazakhstan, the US, Canada, Paraguay, and even Venezuela. The more expensive rig models ended up in more developed countries, whereas mining in Caracas seems to be a poverty alleviation strategy, made profitable on older power-hungry Chinese miner models by cheap electricity.
https://www.notebookcheck.net/The-Bitcoin-mining-ban-started-a-fire-sale-on-Chinese-miners-FT-investigation-reveals-where-they-went.580848.0.html
Bitcoin is outlawed in China. If u cant use it to buy goods from the worlds biggest factory which is China, whats the point of mining for it?
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