What you mean is they're stealing a shitload of money. 

Taxpayer money converted into electricity by government-owned power utility.

Electricity converted into bitcoin and bitcoin into privatized money by miners.

In China bitcoin mining is essentially just a channel to steal tax money.  The fact that it hasn't been forced to shut down or use non-subsidized electricity by now is probably evidence that someone is taking bribes.  (What a surprise!  That NEVER happens in China!   )