Since the last halving, the exodus of China miners drastically changed the mining landscape. Miners have sought refuge in jurisdictions offering hospitality or opportunities for energy arbitrage, which became a pivotal metric for success. Several nation states, such as Bhutan, El Salvador, and even Venezuela for a short period, not only embraced miners but also devised strategies to set up mining operations themselves. Not all places that opened their arms to miners ended up being great locations, including Quebec, Canada and Kazakhstan.