Ben Gagon, Chief Executive Officer of Bitforms, shared his views how new geopolitical challenges from the Trump administration would affect the bitcoin mining industry.
Gagon said during the Bloomberg TV interview on March 11 that both the US and Canada are energy-powered economies for more than 200 years. Blessed with easy access to affordable power has been a major driver of economic development in the last two centuries.
However, he explained that ongoing trade stress and tariffs may have a downstream effect on energy markets, which are important for bitcoin mining.
“All our sites are based in Quebec,” Gagon said. “The largest sites are going to be in Quebec and Alberta, followed by British Columbia. On the other hand, Ontario is not so attractive due to its weak energy market and low capacity. ,
Despite the political stress between Washington and Ottawa, no immediate signs of spontaneity are shown, Gaganon believes that the mining sector will have more access to power markets and regulatory support for long -term success of the mining sector. He emphasized the need for deragulation and smooth market operations to allow the miners to continue to extend their businesses.
Strategic acquisition strengthens market status
Bitfarms are busy strengthening their market status through strategic acquisition that allows for better geographical variety that avails access to energy.
“We have infection in North America with a 40% located in North America with 6% in the US, which has become 80% in North America with 66% in the US,” Gaganon said. “This change opens a world of opportunities for us, improves both the quality and cost structure of our operations.”
Gagon also stated that the change in energy infrastructure from industrial use to bitcoin mining is creating new development opportunities.
“For the last four or five years, bitcoin miners have been investing in the infrastructure infrastructure that was previously used for industries such as aluminum smelting. As the pendulum swings back towards North America, those property is now in high demand, ”he said.
Regulatory uncertainty remains a challenge
While the Gagon Bitcoin remains rapidly on the future of the mining industry, he said that the current regulator uncertainty remains a constant concern, although the possibilities are really improving. He said that the recent move by President Trump, which includes discussion about a strategic bitcoin reserve, indicated the very low growing recognition of bitcoin’s role in the economy.
But, more clarity on energy and crypto rules is important to create even more opportunities for development.
“We need more access to electricity markets and a supporting policy structure to run long -term success,” he said.
