Ben Gagnon: Energy Access, Deregulation Key to Bitcoin Mining Growth
Ben Gagnon, CEO of Bitfarms, shared his views on how new geopolitical challenges from the Trump administration will impact the Bitcoin mining sector.
Gagnon noted in a Bloomberg TV interview on March 11 that both the U.S. and Canada have been energy-centric economies for more than two centuries. Access to affordable energy has been a key driver of economic growth over the past 200 years.
However, he stressed that ongoing trade tensions and tariffs could negatively impact energy markets, which play a major role in Bitcoin mining.
“All of our capacity is in Quebec,” Gagnon said. “The largest sites will be in Quebec and Alberta, followed by British Columbia. Ontario, however, is less attractive due to the weak energy market and limited capacity.”
While political tensions between Washington and Ottawa show no signs of abating, Gagnon believes that greater access to energy markets and support from regulators will be critical to the long-term success of the upstream sector. He emphasized the need for deregulation and smooth market operations so that companies can continue to grow their businesses.
Strategic acquisitions strengthen market position
Bitfarms is actively strengthening its market position through strategic acquisitions that enhance geographic diversification and provide benefits from energy access.
“We have increased our presence in North America from 40% and 6% in the U.S. to 80% from 66% in the U.S.,” Gagnon said. “This transition opens up a lot of opportunities for us, improving both the quality and cost structure of our operations.”
Gagnon also added that the transformation of energy infrastructure from industrial use to Bitcoin mining creates new opportunities for development.
“Over the last four to five years, bitcoin miners have been investing in energy infrastructure that was previously used in industries like aluminum. Now that the pendulum has swung back toward North America, those assets are becoming increasingly sought after,” he said.
Regulatory uncertainty remains a challenge
Despite Gagnon’s optimistic view of the future of the bitcoin mining sector, he noted that current regulatory uncertainty remains a major concern, although the outlook is indeed becoming more positive. He pointed to President Trump’s recent actions, including discussion of a bitcoin strategic reserve, as a sign of growing recognition of bitcoin’s importance in the economy.
However, greater regulatory clarity in the energy and cryptocurrency markets is needed to create 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
