More like they are using cheap subsidized Chinese power prices for something that they weren’t intended for. It’s more of an environmental play (since a lot of that electricity is produced by dirty coal burning).
I'd say it's more a consequence of subsidizing a highly versatile good. It must be continually regulated to ensure the subsidies aren't exploited for something that was outside the original intention. Sadly the increased regulation also reduces individual choice in favor of the governments vision of what's best for the nation.
Funny that they care about the environmental effects when the end result is something they have little control over, less so when it's a state-run or state-affiliated business
They've taken a huge shift to improve their environment. This is initiative is what caused them to stop accepting the world's recycling and causing the massive recycling bubble.
Why should China subsidize world bitcoin production with more bad air for them? At least the other stuff they use electricity to produce, like cars, steel, and rubber dog poop, has a tangible value.
It makes sense to me. They believe their control is an important part of the country’s economic development. They’re willing to sacrifice the environment when they believe the benefits outweigh the concerns, but they trust their own plans more than that of individual actors. Not saying it’s right, but it’s consistent with their outlook on politics and government.