After China, will Canada and Russia become the new generation of “mining powers”?

On April 8, the National Development and Reform Commission issued the "Guidelines for Industrial Structure Adjustment (2019 Edition, Draft for Comments)", which listed "virtual currency mining activities" as industries that have been explicitly eliminated or immediately eliminated by national industrial policies.

The news has sparked heated discussions in the crypto industry, with most people speculating which country will become the next "mining power" in the future. Some people are reportedly looking to Eastern countries with a more friendly regulatory environment, such as Japan and South Korea, but Mati Greenspan, senior market manager at eToro, has a different view.

Mati Greenspan said in an interview that renewable energy and national stance will be two key factors. He said: "First, the country must accumulate enough "cheap renewable energy"; second, the country's laws and stance should be friendly to "cryptocurrency".

In Mati Greenspan’s view, Canada and Russia will become the two largest mining powers.

He said: "Canada and Russia will become the largest 'mining countries', and their recent mining activities have shown a clear growth trend."

To further prove his point, Greenspan cited an article in the Wall Street Journal titled "Bitcoin in the Wilderness," which states that Canadian oil company Black Pearl Resources uses waste gas from oil mining to power cryptocurrency mining.

When talking about Russia becoming the next "mining power" after China, Greenspan said, "Russia has a friendly attitude towards cryptocurrencies. The country is introducing a regulatory framework for the crypto industry, and the bill may take effect later this year."

According to the official Russian website, the country’s President Vladimir Putin has asked the Federation Council and the lower house of the Russian Federal Assembly (Russian State Duma) to enact cryptocurrency regulations by July 1, 2019.

In addition, the regulation will also deal with other issues related to cryptocurrencies, such as ICO products and mining activities. Since China's "Guidelines for Industrial Structure Adjustment (2019, Draft for Comments)" is still in the consultation stage (the consultation period is from April 8, 2019 to May 7, 2019), the crypto bill introduced by Russia in July is particularly important.

During last year’s crypto bear market, Putin said: “The Russian government should introduce legislation that would allow people to trade not only BTC, but also other cryptocurrencies.”

“I think Russia is only going to become more cryptocurrency-friendly, not less,” Greenspan said.

Original source: https://ambcrypto.com/bitcoin-btc-gained-popularity-in-china-because-it-offered-a-quick-profit-says-joyce-yang