While I agree with your basic premise, I think there is some room for debate. Firstly, regions/geography with cheap power and/or natural cooling are at a clear

While I agree with your basic premise, I think there is some room for debate. Firstly, regions/geography with cheap power and/or natural cooling are at a clear advantage with respect to payment for proof of work. Secondly, regions where black markets thrive are at a clear advantage with respect to use and potential liquidity. (imho)