Bitfarms CEO Ben Gagnon shared his thoughts on how new geopolitical challenges from the Trump administration will affect Bitcoin mining.
In an interview with Bloomberg Television on March 11, Gagnon said both the US and Canada have been energy-driven economies for over 200 years. Being blessed with easy access to the power of affordability has been a key factor in economic growth for the past two centuries.
However, he explained that ongoing trade tensions and tariffs could have downstream impacts on energy markets that are important for Bitcoin mining.
“Our sites are all based in Quebec,” Gagnon said. “The biggest sites are in Quebec and Alberta, followed by British Columbia. Ontario is not attractive as the energy market is declining and capacity is declining.”
Despite the political tensions between Washington and Ottawa showing no immediate signs of easing, Gagnon believes increased access to electricity markets and regulatory support is important for the long-term success of the mining sector. He highlighted the need for deregulation and smooth market operations to enable miners to continue expanding their business.
Strategic acquisitions strengthen market position
BitFarms has been busy strengthening its market position through strategic acquisitions that could improve geographical diversity that leverages access to energy.
“We have moved from a 40% based in North America to a 6% based in the US to an 80% based in North America. “This shift opens up a world of opportunity for us and improves both operational quality and cost structure.”
Gagnon also explained that shifts in industrial energy infrastructure are creating new growth opportunities for the shift to Bitcoin mining.
“For the past four or five years, Bitcoin Miners have invested in energy infrastructure that was previously used in industries such as aluminum smelting. As the pendulum looks back towards North America, these assets are in high demand now,” he said.
Regulation uncertainty remains a challenge
While Gagnon remains bullish about the future of Bitcoin mining, he said current regulatory uncertainty remains ongoing concern, but the outlook is actually improving. He noted that President Trump’s recent moves, including debate over a strategic Bitcoin reserve, show that at least there is a growing awareness of Bitcoin’s role in the economy.
But greater clarity in energy and crypto regulations is key to creating even greater opportunities for growth.
“Access to the electricity market and a supportive policy framework is needed to promote long-term success,” he added.
