energy access and deregulation key for Bitcoin mining growth

Ben Gagnon, chief executive officer of Bitfarms, shared his reflections on how the new geopolitical challenges of the Trump administration would have an impact on the Bitcoin mining industry.

Gagnon said in a Bloomberg television interview on March 11 that the United States and Canada have been saving energy-oriented for over 200 years. The chance to have easy access to affordable power has been a key engine of economic growth over the past two centuries.

However, he explained that trade tensions and current prices may have downstream effects on the energy markets, which are essential Bitcoin mine.

“All our sites are based in Quebec,” said Gagnon. “The biggest sites will be in Quebec and Alberta, followed by British Columbia. Ontario, however, is not as attractive because of its lower energy market and its reduced capacity. »»

Despite the political tension between Washington and Ottawa showing no immediate signs of relaxation, Gagnon believes that better access to electricity markets and regulatory support will be crucial for long -term success in the mining sector. He underlined the need for deregulation and smooth market operations to allow minors to continue to extend their activities.

Strategic acquisitions strengthen market position

Bitfarms has been busy strengthening its position on the market thanks to strategic acquisitions which allows better geographic diversity which benefits from access to energy.

“We went from 40% based in North America with 6% in the United States, to become 80% based in North America with 66% in the United States,” said Gagnon. “This change opens a world of opportunities for us, improving both the quality and structure of the costs of our operations.”

Gagnon also explained that the change in the energy infrastructure of industrial use to Bitcoin exploitation creates new growth opportunities.

“Over the past four or five years, bitcoin minors invest in energy infrastructure that was previously used for industries such as aluminum merger. While the pendulum turns to North America, these assets are now in great demand, “he said.

Regulatory uncertainty remains a challenge

Although Gagnon remains optimistic about the future of the Bitcoin mining industry, he noted that current regulatory uncertainty remains a continuous concern, although the prospects are improving. He noted that the recent movements of President Trump, including discussions on a Bitcoin strategic reserve, report to the growing recognition of the role of Bitcoin in the economy.

However, greater clarity on energy and cryptographic regulations is essential to create even greater growth opportunities.

“We need better access to electricity markets and a support policy to stimulate long-term success,” he added.