Recently Blockmanity reported about the potential Chinese Bitcoin [BTC] mining ban that has left many wondering about which countries could be China’s successors.
In an interview with AmbCrypto eToro’s Senior Market Analyst, Mati Greenspan commented on the potential successors of the Bitcoin mining industry, he stressed on “cheap renewable energy” and “friendly towards crypto” as two essential factors for any country hoping to step into the crypto mining world.
Greenspan vouched for Canada and Russia as the two most suitable countries for crypto mining. “The two biggest ones are Canada and Russia, both of them have seen significant increases in their mining activity lately,” he said. It must be noted that Japan and South Korea, with their crypto friendly legislation, were not Greenspan’s choice.
Greenspan further elaborated on the reason for choosing Canada by mentioning an article from the Wall Street Journal, titled “Bitcoin in the Wilderness”. According to the article, Bitcoin mining could “monetize energy through the internet” by using wasted natural gas for the production of Bitcoin. Wasted “natural gas” has been used for the production of cryptocurrency by Black Pearl Resources, a Canadian mining field.
Mati Greenspan is all for Russia. He said, “Russia is extremely pro-crypto”. He believes that crypto legislation would make its way into Russia by the end of 2019.
According to Kremlin.ru, the official website of the President of the Russian Federation Vladimir Putin, a document has been issued which instructed the Federal Assembly, the national legislature of Russia to issue cryptocurrency regulations by July 1, 2019.
At the beginning of 2018, Russia’s President, Vladimir Putin said that the Russian government should introduce legislation that would allow people to trade not only Bitcoin but other virtual currencies as well.
“My feeling is that Russia is only increasing their efforts towards being crypto-friendly, rather than decreasing it,” said Greenspan in favor of Russia.
Other than China and Russia, smaller countries like Belarus and Mongolia are also planning to become crypto mining hubs.
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