Key Takeaways
- Bitcoin miners face uncertainty due to shifting US-Canada trade policies.
- US tariffs on China have led to mining hardware shipment delays and higher costs.
- Tariff-driven manufacturing shifts could increase demand for repurposed energy infrastructure.
Bitcoin miners are adjusting to ongoing trade tensions between the US and Canada, which have created uncertainty in energy markets.
President Donald Trump’s recent threat to double tariffs on steel and aluminum to 50% led Ontario Premier Doug Ford to consider raising power costs for US exports before ultimately backing down.
Future policy shifts
Though the immediate trade war has cooled, miners are bracing for future policy shifts.
Bitfarms CEO Ben Ganon noted that while the firm remains unaffected due to its reliance on Quebec and British Columbia’s hydroelectric power, ongoing regulatory changes could have long-term effects on electricity access.
Impact of tariffs on mining operations
While tariffs on industrial goods primarily target domestic production, they indirectly affect Bitcoin miners.
Ganon highlighted that mining firms have repurposed old energy infrastructure, previously used for steel and aluminum production, to power operations.
With US manufacturing possibly rebounding due to tariffs, demand for these assets could rise.
Hardware import challenges
However, new US tariffs on China have already impacted mining hardware imports.
The blacklisting of Bitmain’s AI affiliate has led to hardware shipment delays, costing US miners up to $500,000 in customs fees.
Further tariff increases could make importing next-generation mining rigs prohibitively expensive.
Market stability & price predictions
The unpredictability of Trump’s trade policies continues to affect market stability.
The European Union’s plans for counter-tariffs further add to uncertainty.
According to RedStone COO Marcin Kazmierczak, these disruptions could push Bitcoin’s price down to $75,000, a level not seen since November 2024.
