proof of work is an energy black hole. it goes to where energy is cheapest. this means that it has a tendency to go to places where subsidies exist and destroy

proof of work is an energy black hole. it goes to where energy is cheapest. this means that it has a tendency to go to places where subsidies exist and destroy said subsidy. if there is a place where electricity is being propped up by taxes or other such things for the benefit of the community, there is no reason for them to not just plug in a bunch of miners there and suck that subsidy dry.