Agreed. China doing it is way more likely in general because they could walk in and take over enough capacity to reduce the capex required for takeover (by comb

Agreed. China doing it is way more likely in general because they could walk in and take over enough capacity to reduce the capex required for takeover (by combining stolen capacity + new capacity) by perhaps 75%. It would also make it way harder to notice, because a massive new mining pool trying to pull things in a new direction would be obvious. Several established mining ops shifting direction would be less obvious.