As cryptominers eye Québec, forest companies see opportunity: Reuters
At least two Canadian forestry companies are reviewing offers by cryptocurrency miners who want to lease excess mill space in Québec, a province where electricity prices are among the lowest in North America, Reuters reported. Resolute Forest Products and Fortress Global Enterprises said they have received interest from Canadian and foreign cryptominers, although both cautioned their talks are preliminary. A surge in demand for space to build data centres that “mine” digital currencies offers potential new revenue streams for forestry businesses looking to find uses for space in mills no longer used for production due to declining demand for certain traditional products. The threat of a crackdown in countries like China has driven miners to Canada, with the country’s largest electric utility Hydro Québec seeing its cryptocurrency sales pipeline more than triple in a month to over 100 projects.
