Now where would you expect mining to happen? We’re missing the Middle East, Russia etc on this chart. It will be where there is excess cheap energy. Where do you mine in Europe? Where you’re most subsidized. As industry is leaving, massive subsidies are happening for large industry. Just plug in there. Find the locations where it makes sense. The more centrally planned the next years become, the more opportunity to be found. Why was basically all mining in China before… Corruption also helps a lot, we’ll see more and more locations where electricity is just taken for free.

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When working on the block renovation program in manado in Sulawesi utara in Indonesia we calculated around 80% of water was lost through leakage and illegal connections. Most of this was illegal connections. Illegal connections consisted of two parts, corruption with our people who would intentionally charge less than what was consumed. And our people literally building the illegal connections in the weekends with our material. Dutch “support” of millions of euros was poored into this project, for it to surge corruption. We were in talks with the electricity provider which interestingly also had insanely high numbers of non paying use of their network. The enormous fluctuations also made rolling blackouts the norm, depending on where you were in the city. Plugging in miners with zero input cost in locations with staggering corruption will always make sense. The issue is, the corrupt will keep hiking their price. View quoted note →