Summary
TLDR: China’s mining exodus led miners to seek refuge in countries offering hospitality and energy arbitrage opportunities. Nations like Bhutan, El Salvador, and Venezuela welcomed miners and even set up their own mining operations. However, not all countries that welcomed miners proved to be great locations, such as Quebec, Canada and Kazakhstan.
Key Points
1. The exodus of China miners following the last halving significantly altered the mining landscape.
2. Miners have sought refuge in jurisdictions that offer hospitality or opportunities for energy arbitrage, which has become a crucial factor for success.
3. Several nation states, like Bhutan, El Salvador, and Venezuela, have not only welcomed miners but have also developed strategies to establish mining operations themselves.