I think the rapid development of ASICs is a large part of the issue. The capital lifecycle of Bitcoin mining is currently on the order of months to perhaps a c

I think the rapid development of ASICs is a large part of the issue. The capital lifecycle of Bitcoin mining is currently on the order of months to perhaps a couple years. That, combined with the volatility of Bitcoin price, makes the Chinese approach ideal. As the ASIC market matures, and perhaps as the price becomes more stable, I think we'll see mining begin to occur in more areas as planning for 2+ years begins to make sense. Iceland would be one attractive area, as would some desert areas with low costs and solar energy. Certainly difficult to predict, though.