The three largest bitcoin mining countries are coincidentally also the three largest military and energy superpowers. Over time, bitcoin mining will transition into a geopolitically strategic industry. Governments will want to control the industry because of two factors. First, they will care about which transactions are prioritised by miners and added to blocks. Second, miners are essentially turning electricity into money. Both these resources are considered strategic by governments. Thus, we might soon see that the US, Russian, and Chinese governments start to prioritise getting more hashrate into their respective countries. And not only get that hashrate in, but to control it as best they can. The Russian government is perhaps the most forward-thinking here. They have just regulated the bitcoin mining industry, which will lead to an onshoring of the industry and better visibility for the government. Putin has, in his usual sly fashion, also made many interesting comments about Bitcoin and mining, for example, stating that nobody can control Bitcoin. Overall, his comments make it clear that he deeply understands the geopolitical strategic importance of Bitcoin and mining. Bitcoin mining will become a geopolitically strategic industry over the coming decade. And Russia is leading the way here.(Jaran Mellerud)