Source: Cointelegraph Original: "{title}"

Due to the ongoing trade war between the United States and Canada, which has made energy prices and policies more uncertain, Bitcoin miners are adjusting their business strategies.

U.S. President Donald Trump has threatened to double tariffs on steel and aluminum from 25% to 50%, leading the Ontario provincial government to retract its plan to increase costs for electricity exports to the U.S.

Ontario Premier Doug Ford had promised to further increase surcharges if provoked, even going so far as to say he would "completely cut off power." However, his stance seems to have softened, at least for now.

While the trade war may have calmed down, some cryptocurrency companies are looking ahead to potential policy changes to safeguard their growth.

On March 11, Ben Ganon, CEO of Canadian Bitcoin mining company Bitfarms, told Bloomberg that recent increases in energy prices (if they occur) are unlikely to impact his company's business.

Bitfarms primarily operates in Quebec and British Columbia, where hydroelectric capacity plays a significant role in the provincial energy mix. In contrast, Ontario's "energy market is not as strong." Over the past few years, they have indeed been significantly cutting back on baseload generation capacity.

However, although Bitfarms' energy situation appears relatively stable for now, Ganon stated that electricity prices "have an impact on future policy and regulatory frameworks."

He mentioned that his company hopes to see "more access to electricity markets" and a reduction in regulations for establishing new businesses or new power applications.

Energy policy has been a focal point of debate in Canadian politics, with critics accusing the current Liberal government led by Prime Minister Mark Carney of having a carbon reduction strategy that harms the Canadian economy.

Related Content: What does Canada's new Liberal Prime Minister Mark Carney mean for cryptocurrency?

Ganon said, "The opportunities that exist in the U.S. also exist in Canada. I believe everything will resolve itself, ultimately forming a more deregulated, smooth, and efficient market, as it has been constrained by red tape for years."

Tariffs on commodities such as steel, aluminum, and other industrial products—aimed at encouraging domestic production in the U.S.—will also impact Bitcoin miners, some of which may bring unexpected benefits.

Ganon pointed out that while miners cannot control Bitcoin prices, they can control electricity costs. "One way we can do this is by looking for underutilized energy that used to power heavy industries but has been outsourced to other countries over the past two or three decades."

According to Ganon, Bitfarms operates in Pennsylvania, a "rust belt" state severely affected by outsourcing in the U.S. steel and metal industries. If U.S. manufacturing makes a comeback, his company's assets will soon be in high demand.

Ganon stated that Bitcoin miners have been heavily investing in energy infrastructure, "which used to power aluminum smelters and steel mills, as well as everything that has been outsourced."

"Now Bitcoin miners own these assets. As the pendulum swings back to the U.S., these assets are now in high demand."

Canadian miners like Bitfarms may not be worried for the time being, but Trump's tariffs on China have already begun to squeeze U.S. cryptocurrency miners who import hardware from Chinese companies like Bitmain.

According to Bloomberg, as of February 2025, there have been significant delays in Bitcoin mining hardware shipments from China to the U.S. The reported reason for the delays is that the U.S. has blacklisted Xiamen Sophgo Technologies, an AI affiliate of Bitmain.

Vishnu Mackenchery, Global Logistics and Services Director at Compass Mining Inc., stated that the high customs fees for inspecting Bitmain's affiliated hardware have already cost U.S. miners up to $500,000. Taras Kulyk, CEO of Synteq Digital, mentioned that the new tariffs could make the next generation of mining machines imported into the U.S. "completely cost-ineffective."

Chinese-based hardware manufacturers like Bitmain can operate in other countries to evade U.S. sanctions. During Trump's first term, he imposed a 25% tariff on some consumer electronics from China, prompting many mining hardware manufacturers to relocate to Malaysia, Indonesia, and Thailand to avoid tariffs.

Bitmain even announced plans to launch a U.S. production line in December 2024, "to provide faster response times and more efficient service for North American customers." Bloomberg noted that the company did not disclose the specific location of its U.S. production line.

Related Content: U.S. Treasury Secretary Scott Bessent says the U.S. should bring BTC domestically.

For the cryptocurrency industry, Trump's economic policies remain a mixed bag. The sharp fluctuations and last-minute reversals in trade policy make the market difficult to predict. In other aspects, the EU has pledged to impose counter-tariffs on the U.S., further threatening asset valuations.

Bitcoin price chart from September 1, 2024, to March 13, 2025. Source: TradingView

Marcin Kazmierczak, co-founder and COO of blockchain oracle solution company RedStone, told Cointelegraph that Bitcoin could drop to $75,000, a level not seen since November 2024.

Magazine: The mysterious celebrity commemorative coin scam factory, Hong Kong company dumping Bitcoin: Asia Express

免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。