For bitcoin miners, cheap electricity in developing countries looks attractive on paper. But Ethiopia just froze mining permits and Bitfarms shut down their Argentina operation after their utility provider went bankrupt and their power got cut. While energy costs are important, they're only one of the many factors to consider when making a considerable investment into setting up a mining operation. Of course, one can never prepare for events with such negative consequences but they are certainly a higher occurrence in developing countries that are less table vs mining somewhere like the US. Power reliability and grid stability, regulatory and political risk, as well as the soundness of your partners and vendors are all just as important factors to consider as electricity prices.