The ongoing trade war between the US and Canada is making energy prices and policies increasingly uncertain. Bitcoin miners are adapting their business strategies.
Changes in Energy Markets
US President Donald Trump threatened to double tariffs on steel and aluminum, causing Ontario's government to rethink its energy export price increase plans. While Bitfarms’ energy situation in Quebec and British Columbia appears stable, the tariffs impact future policy and regulatory frameworks.
Tariff Benefits for Miners
Tariffs on industrial goods like steel and aluminum impact Bitcoin miners, with some effects proving unexpectedly beneficial. Bitfarms' executives note that while Bitcoin's price is uncontrollable, electricity costs can be managed, making previously industrial areas attractive for new businesses.
China Tariffs Impact Mining Hardware
Trump's tariffs on China are already affecting American crypto miners importing hardware. Delays and heavy fees make new imports cost-prohibitive. Chinese manufacturers are finding workarounds by relocating production and setting up lines in the US.
US economic policies continue to influence the crypto industry. Trade policy fluctuations and contradictory tariffs create market uncertainty.
