Earlier quoted context omitted.
Before going about a blocking potential people who are in fact interested in your content/service (which you can't know if they are or not based on the country), did you do the bare minimum to secure your server against attackers from any other location, namely changed from the default password and disabled password login? Your approach to security has a number of issues. First, you don't know if someone is actually…
I don't think it matters if the geo-location table is correct or not. If traffic from an IP range is entirely malicious, block that IP range. If that range happens to be Chinese or from Florida it doesn't really matter, does it?
When I get any number of malicious known attack vectors, I have a process that runs a few services against the IP for geolocation and server info. If it's a known data center, its block is immediately blocked, otherwise just the IP.
For whatever reason, they tend not to get new ips easily, so shutting down the IP will usually buy a few days before they have a new instance on qualys or whatever.