I don't think they are mining at a loss in every country as some countries have very low energy prices.
Good point. China for example:
https://www.asiacryptotoday.com/chinese-mining-fud-manipulation-vs-the-real-situation/So still in the green right?
You need
TOTALLY FREE power in the rest of the world, to even try to compete with China.
But it is not only a matter of electricity.Taking as a fact that Chinese ASIC manufacturers trash & upgrade their equipment every 6 months or so, and taking also into account that if you go for the latest & fastest BTC miner on the market ATM - EBIT E11++ 44TH/S, 45W/T,
10nm chip DW1228 - and forgetting about purchasing costs, we have: Delivery time is Feb 15, 2019.
http://miner.ebang.com.cn/goods-15.htmlHold on. Didn't we just read in the previous article that - & I quote: "Rigs have evolved from 100nm to 7nm which has led to huge increases in efficiency."

Oh yes, here it is:
https://shop.bitmain.com/product/detail?pid=00020181107195820131prWuuVTy0738Estimated shipping: Dec.20-31
And last but not least: "The Antminer S15 has just been confirmed to have an estimated hashrate of 28 TH/s and power consumption of 1596 W"
https://mineable.com/bitmain-just-announced-their-new-7nm-miners-antminer-s15-t15-overview-hashrate-profitability/Total bollocks.
So, selling their outdated hardware, trashing the even older ones, whilst keeping the best ones for themselves & repeat.
Do the maths,
China is the only TRUE profitable player in the Bitcoin/ASIC/mining industry. Always has been.
Better off trading (buying cheap of course), hodling & sparing us the hassle.