The Cost to Mine a Single BTC Throughout 115 Different Countries
i.imgur.com
Myanmar, Uzbekistan, Kuwait, and Ukraine have very low prices...
Is electricity subsidised in these places?
Why are miners moving to Iceland if it's 3x more expensive than these places?
(I'm ignoring Venezuela, since presumably the very low price is due to the stats not taking into account inflation correctly)
Those countries have cheap (hydro for Myanmar and carbon for the rest) based energy sources, but are not stable politically nor economically.
Iceland has plenty of renewable energy and a stable economy. With renewable energy your cost is nearly all upfront with practically free energy from there on. It is suitable for long term investment.