And over the last several years, they’ve really taken a big push on cutting back on baseload capacity.”But even though Bitfarms’ energy situation may look solid for the time being, Ganon said that the tariffs “have implications for what policy and regulatory frameworks are going to look like in the future.”He said that his firm wants to see “greater access to electricity markets” as well as fewer regulations on setting up a new business or new power applications. Energy policy has been a contentious area of debate in Canadian politics, with critics accusing the Liberal government — now led by Prime Minister Mark Carney — of harming the Canadian economy with their strategies to lower emissions. Related: What Canada’s new Liberal PM Mark Carney means for cryptoGanon said: “The opportunities that are present in the United States are also present in Canada.
While Ganon noted that miners can’t control the Bitcoin price, they can control their electricity costs.“One of the ways that we can do that is we can look for pockets of energy that are underutilized, that used to power heavy industry, which has been outsourced to other countries over the last 20 or 30 years.”According to Ganon, Bitfarms has operations in Pennsylvania — a “Rust Belt” state heavily affected by the outsourcing of American steel and metals industries.
However, he appears to have softened his stance, at least for now. The trade war may have reached a lull, but some crypto firms are looking ahead at possible policy changes in order to protect their growth. Bitcoin miners expect changes in energy marketsBen Ganon, the CEO of Canadian Bitcoin mining firm Bitfarms, told Bloomberg on March 11 that the recent energy price hikes, had they gone through, were unlikely to affect his firm’s business. Bitfarms’ operations are mostly in Quebec and British Columbia, both of which boast significant hydroelectric capacity in relation to the total provincial energy mix.
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