Ben Gagnon, CEO of Bitfarms, expressed his views on how new geopolitical challenges arising under the Trump administration could impact the Bitcoin mining sector.
In an interview with Bloomberg TV on March 11, Gagnon noted that both the U.S. and Canada have been energy-driven economies for more than two centuries. Easy access to cheap energy has been a fundamental factor in economic progress over the past two centuries.
However, he added that ongoing trade tensions and tariffs could have a negative impact on energy markets, which are critical to bitcoin mining.
“All of our mining sites are located in Quebec,” Gagnon said. “The largest operations will be in Quebec and Alberta, followed by British Columbia. In contrast, Ontario is less attractive due to its less developed energy market and limited capacity.”
While political tensions between Washington and Ottawa show no signs of abating, Gagnon believes that increased access to electricity and support from regulators will be critical to the long-term success of the mining sector. He emphasized the need for deregulation and smooth functioning of markets to allow mining companies to continue to expand their operations.
Strategic acquisitions strengthen market position
Bitfarms is actively strengthening its market position through strategic acquisitions that provide greater geographic diversification and take advantage of access to energy resources.
“We have increased our presence in North America from 40% to 80%, with the U.S. share increasing from 6% to 66%,” Gagnon said. “This transition opens up a lot of opportunities for us, improving both the quality and cost structure of our operations.”
Gagnon also noted that the transformation of energy infrastructure from industrial use to Bitcoin mining creates new opportunities for growth.
“In the last four to five years, bitcoin miners have been investing in energy infrastructure that was previously used in industries like aluminum. As the focus has shifted back to North America, these assets are now becoming more in demand,” he said.
Regulatory uncertainty remains a problem
Despite Gagnon’s optimism about the future of the bitcoin mining industry, he emphasized that current regulatory uncertainty remains an ongoing challenge, although the outlook is indeed improving. He noted that President Trump’s recent actions, including discussions of a bitcoin strategic reserve, at the very least signal a growing recognition of bitcoin’s role in the economy.
However, greater clarity on energy and cryptocurrency regulation is critical to creating even greater growth opportunities.
“We need greater access to electricity markets and a supportive policy environment to achieve long-term success,” he added.
Source: cryptonews.net
