What would China plan to do with their excess electricity now? I believe many of you do not understand that once electrcity is generated, it should be used or it will be WASTED because it cannot be stored. Then any electricity generated that is used by the miners really saved it from being WASTED.
The people who say that "Bitcoin mining is a waste of electricity" are wrong and misinformed.
They just don't spend time to read and gather those information, for sure china have other things in mind in terms of crypto they wouldn't bother to do things that will benefits them, knowing how they played with the market are really needed to take it seriously,
I believe the Chinese government and the PBOC are carefully putting the needed regulatory infrastructure in place before they open up fully to cryptocurrencies. It took their country hundreds of years to open their economy to the world, so it might take them longer than expected to open their economy to Bitcoin again.
as china really understand how to make more money out from their investment, just like what you have said, they will maximized the potentials since it is a spare electricity they would do things that can generate more extra funding.
But they are pushing miners out of their country. They want to clear their country from Bitcoin and altcoins until they are certain they won't disrupt their financial system.
