Ben Gagnon, CEO of Bitfarms, recently shared his insights on the evolving landscape of Bitcoin mining amid geopolitical shifts and energy market dynamics. Speaking in a Bloomberg TV interview on March 11, Gagnon emphasized the critical role of energy access and deregulation in ensuring the sector’s long-term expansion.
Impact of Geopolitical Tensions on Bitcoin Mining
According to Gagnon, both the United States and Canada have relied on energy-driven economies for over two centuries. The availability of affordable and abundant power has historically fueled economic growth, including industrial and digital sectors such as Bitcoin mining. However, ongoing trade tensions and tariffs could disrupt energy markets, directly affecting the operational costs and sustainability of Bitcoin mining firms.
“All of our sites are based in Quebec,” Gagnon said. “The largest sites are going to be in Quebec and Alberta, followed by British Columbia. Ontario, on the other hand, isn’t as attractive due to its weaker energy market and reduced capacity.”
Despite these challenges, Gagnon believes that expanding access to electricity markets and implementing deregulation policies will be pivotal for Bitcoin miners to continue growing their businesses.
Strategic Acquisitions Strengthening Bitfarms’ Market Position
To solidify its standing in the competitive mining industry, Bitfarms has pursued strategic acquisitions, allowing for better geographical diversification and improved energy access.
“We’ve transitioned from being 40% based in North America with 6% in the US, to becoming 80% based in North America with 66% in the US,” Gagnon stated. “This shift opens up a world of opportunities for us, improving both the quality and cost structure of our operations.”
He also pointed out that the repurposing of energy infrastructure from traditional industrial use—such as aluminum smelting—to Bitcoin mining is creating new investment opportunities.
“For the last four or five years, Bitcoin miners have been investing in energy infrastructure that was previously used for industries like aluminum smelting. As the pendulum swings back toward North America, those assets are now in high demand,” Gagnon explained.
Regulatory Uncertainty and the Future of Bitcoin Mining
While Gagnon remains optimistic about Bitcoin mining’s future, he acknowledged that regulatory uncertainty remains a key challenge. However, he noted that recent developments, including President Trump’s discussions about a strategic Bitcoin reserve, signal increased recognition of Bitcoin’s economic role.
For sustainable growth, Gagnon stressed the need for clearer policies on energy markets and cryptocurrency regulations.
“We need greater access to electricity markets and a supportive policy framework to drive long-term success,” he said.
As energy policies and regulatory frameworks continue to evolve, Bitcoin miners will need to navigate these shifts strategically to maintain growth and competitiveness in an increasingly complex market.
