I'm really not sure if this will happen or not. However, the Chinese are having a hell of a time cracking down on money fleeing their country. Bitcoin is high on their radars for sure.
But with mining money is coming in. They have bills to pay for electricity and hardware that have to settled in CNY.
I've no idea where they're selling their coins but I don't know if P2P markets would be big or stable enough to meet that demand. If I was a Chinese miner I'd be selling OTC to some foreigner.
Bitmain did announce a while back they were gonna invest in data halls in the USA. Unclear if it was only the Artificial Intelligence (A.I.) stuff and/or crypto mining farms also. $50 million dollars thou...
https://www.coindesk.com/mining-giant-bitmain-reportedly-raising-50-million-in-new-funding-round/perhaps, Jihan Wu of Bitmain...is hedging his bets?
I seem to remeber reading a report that a lot of Chinese mining was using stolen electricity, but I don't know how old that report is, and I can't find the reference. However, it has been commented on this forum that many Chinese miners are now mining outside China. It would also appear that mining is on the increase in Venezuela as people there try to earn some extra income.
That is common knowledge...it may not be COMPLETELY illegal the electric companies (especially hyrdro) were getting SOMETHING (in hydro's case anyway) for excess electric...off the books
perhaps, they want a bigger cut and have it out in the open now..due to the China Government crackdown on cryptocurrency...maybe mining is next in the utils veiws..and makes them nervous
the utils can look like they are pro-active on this, get more $$$ for electric and keep the China Government off their back if they do go after crypto miners next...
the utils seem to hold all the cards, seems like a safe bet to make the miners pay fair market value and get it on the books ...soonish