Probably a combination of both, but "there's more to this than meets the eye", I spoke to one Chinese miners the other day, one of the biggest obstacles they seem to be having is "regulations", the Chinese have the money and the manpower but they don't like to operate outside of their region especially when they are not backed by the government.

Just imagine you own 20k gears in your hometown and you now have to take them elsewhere, think of how difficult it's going to be to manage it, you will need a ton of money, someone in a different country you can trust, a country where you can mine without having to worry about being forced to move out right after you set up everything, and of course, the power cost, it's a ton of work, to be honest.

It's easy to google countries with cheap power rates but moving there is not, even the so-called crypto-mining-friendly countries will not be as friendly when thousands of gears move there, more regulations will hit every country that has a large share of mining, mining will be a lot more difficulty next year than it's now, the Chinese know that and they are being very skeptical, so when I see someone say oh it's only 3GW worth of power, any small country can host those gears - it will happen next month, I can't help but laugh.

Some of them have already found a new home and it's only a matter of time before they go past space and power issues, but most gears are still in China, it will take a long time for these gears to settle somewhere else, and many old gears will simply not come back online.