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As cryptominers eye Quebec, forest companies see opportunity

Accepted submission by dw861 at 2018-02-08 19:32:21
Business

Reuters reports: https://www.reuters.com/article/us-crypto-canada-mining/as-cryptominers-eye-quebec-forest-companies-see-opportunity-idUSKBN1FR2PM?il=0 [reuters.com]

At least two Canadian forestry companies are reviewing offers by cryptocurrency miners who want to lease excess mill space in Quebec, a province where electricity prices are among the lowest in North America. Resolute Forest Products and Fortress Global Enterprises said they have received interest from Canadian and foreign cryptominers, although both cautioned their talks are preliminary. “They want space and cheap power,” Chad Wasilenkoff, chief executive of British Columbia-based Fortress Global, said. U.S. miners are interested in space at the company’s Quebec dissolving pulp mill, he added. …Miners are looking at the pulp and paper industry because their facilities are already equipped to meet the needs of the energy-sapping cryptomining industry.


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