Mining Bitcoin, and other cryptocurrencies, can be extremely energy demanding. The cost of electricity has a direct impact on the cost and profitability of mining operations. China is one of the largest Bitcoin markets in the world, and a majority of Bitcoin is mined there.
According to Oilprice.com, “Currently, more than 60 percent of all bitcoin is mined in China, and these miners have picked their location wisely. The remote Sichuan mountains enjoy a cool year-round temperature and cheap electricity provided by small-scale hydro-electric facilities, averaging from $0.05 to $0.08-cents per kWh.”