if there are zero regulations also?

I also consider Georgia (my home country) as a best place for not only alts but for mining.
You should mention that it's not as easy to get 5-6 Cents per KWh, unless you are consuming above 300KWh. But, there's a big but also, under proper management and under good connections you are able to get your own power plant, small or medium one, last couple years governmental structures are working and in fact supporting people to run power plants, there are some regulations of course, but it's relatively easy to do it. Also consider that there are  more than 25k (yeas! 25 fucking thousand) rivers in Georgia, not all of them are capable to handle power plants, but hey, 25.000+! So My voice goes to Georgia the country!