.... with their cheap electricity they are earning a shitload of money...
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!
)well good for them if they are able to steal unfair and legal scam from government, called tax