Bitcoin miners in North America are recalibrating their strategies as the US-Canada trade war fuels uncertainty in energy prices and policies. The latest tariff threats from former US President Donald Trump have already triggered reactions in Canada, impacting key power supply decisions.
Trump’s recent pledge to double tariffs on steel and aluminum from 25% to 50% led Ontario Premier Doug Ford to consider drastic measures, including increasing surcharges or even halting electricity exports to the US. However, Ford has since softened his stance, leaving energy policy in a state of flux.
For Canadian crypto firms, the trade war lull is only temporary. Many are preparing for potential policy shifts that could impact their long-term growth.
Bitfarms CEO: Energy Price Hikes Won’t Hurt Operations—For Now
Ben Ganon, CEO of Canadian Bitcoin mining firm Bitfarms, told Bloomberg on March 11 that his company remains largely unaffected by Ontario’s energy price debate. Bitfarms primarily operates in Quebec and British Columbia, both of which have abundant hydroelectric power. In contrast, Ontario has scaled back on its energy capacity in recent years, making it a less favorable market for miners.
Still, Ganon warned that looming tariffs could shape future regulatory frameworks in ways that might disrupt the mining industry. He called for “greater access to electricity markets” and fewer regulatory hurdles for new business setups and power applications.
Energy policy remains a contentious issue in Canada, with critics blaming the Liberal government—now under Prime Minister Mark Carney—for stifling economic growth through aggressive emissions-reduction policies.
“The opportunities in the United States are also present in Canada,” Ganon said. “I think this will all resolve itself into a much more deregulated and efficient market because, for years, it’s been tied up in regulatory red tape.”
Could Bitcoin Miners Benefit from US Tariffs?
While tariffs on industrial materials like steel and aluminum are meant to boost US domestic production, they also have unexpected ripple effects on Bitcoin mining.
Ganon explained that miners, though unable to influence Bitcoin’s price, can control operational costs—especially electricity. “One of the ways we do that is by seeking out underutilized energy sources that once powered heavy industries that have since been outsourced,” he said.
Bitfarms’ presence in Pennsylvania, a state historically tied to steel and metal production, may prove advantageous. If US manufacturing rebounds due to protectionist policies, mining facilities built on repurposed industrial energy grids could become highly valuable assets.
“Bitcoin miners have been investing in energy infrastructure that once powered aluminum smelters and steel refineries,” Ganon added. “Now, as the pendulum swings back to America, those assets are in high demand.”
China Tariffs Squeeze US Bitcoin Mining Hardware Supply
While Canadian miners like Bitfarms remain relatively insulated, US-based mining firms are already feeling the heat from Trump’s China tariffs.
Bloomberg reports that Bitcoin mining hardware shipments from China have slowed since February 2025, largely due to US sanctions on Bitmain’s AI affiliate, Xiamen Sophgo Technologies. These restrictions have led to extensive customs inspections, costing US miners up to $500,000 in added fees.
Taras Kulyk, CEO of Synteq Digital, warned that additional tariffs could make importing next-gen mining rigs into the US “completely cost-prohibitive.”
To sidestep tariffs, some China-based mining hardware manufacturers have relocated operations to Malaysia, Indonesia, and Thailand—an approach they previously adopted during Trump’s first term when a 25% duty was placed on Chinese electronic goods.
In a strategic move, Bitmain announced plans to launch a US production line in December 2024 to improve service efficiency for North American customers. However, Bloomberg noted that the company has yet to disclose the exact location of the facility.
Crypto Industry Faces Unpredictable Trade Policies
The impact of Trump’s economic policies on the crypto sector remains a mixed bag. Sudden shifts in trade policy, coupled with last-minute reversals, have made market conditions volatile. Meanwhile, the European Union has threatened counter-tariffs against the US, adding further uncertainty to asset valuations.
As Bitcoin miners navigate these turbulent waters, one thing remains clear: the intersection of global trade policy and cryptocurrency infrastructure is becoming increasingly complex.
