Bitcoin mining now seeing progressive attitudes from developed countries
TokenInsight recently published its annual research report regarding the cryptocurrency mining industry in 2019. The report spoke about how most developed countries today have relatively progressive attitudes towards mining Bitcoin and other cryptocurrencies, as well as what factors affect where mining farms are set up. According to the same,
“Low electricity cost, well-structured legal framework, relatively matured financial markets are the main factors.”
The TokenInsight report said that mining farms utilize public infrastructure in a better way by converting abandoned facilities into Bitcoin mining farms. This purportedly creates a more environmental-friendly ecosystem for mining, through leveraging renewable energy sources like solar and wind power.
Further, the report spoke about how Bitcoin mining had been removed from China’s list of ‘industries to be eliminated’ in November 2019. Following this, China shifted its regulatory stance on blockchain, a development the report noted before claiming that further regulatory changes in China for cryptocurrency-related mining services could be expected.
“The probability of future policy change on cryptocurrency in general is high with no clear direction on Bitcoin mining.”
TokenInsight also predicted that a majority of changes in 2020 will be healthy and progressive for the industry, adding that the support towards mining farms can be seen at the government level, with farms like Bitfarms and Hut8 being listed on the Canadian stock exchange in 2019 and strengthening the industry’s recognition in North America.
In general, the report communicated that future regulatory direction looks positive for cryptocurrencies, adding that more attention could be paid toward the mining industry on the regulatory side of things.