Yeah, but what happens if the current FUD that China might ban mining happens. All of these miners there will be switched off, and while they are moved, the rest will mine in immense profitability. So why do we (outside China) miss the chance. It is a risk, so mining turns out to be risky too.
Also Bitmain officially declared partnership with Switzerland, so these guys are definitely up to something outside China.
I like your reasoning. I see same news stories about mining moving to Canada. Seems like Chinese miners have read the writing on the wall. They are diversifying globally.
Buying a miner for me is like buying an option. If you can control costs then you limit your downside risk and you might catch some upside.