The threat of a crackdown on the new crypto economy in countries like ‎China is sending miners to Canada, lured by its cold weather, politically ‎stable climate‎, cheap power and a welcoming ecosystem for blockchain ‎startups.‎

Some of eager entrants, according to a recent report by Reuters, are ‎forestry companies in Quebec which are currently considering bids by ‎cryptocurrency miners who want to lease excess mill space in the province ‎that offers plentiful, cheap and renewable energy. Electricity prices in ‎Quebec are among the cheapest in North America, whilst the low average ‎temperatures also help reduce cooling costs.‎

Hydro-Quebec, Canada’s biggest electric utility, revealed earlier that its ‎has gotten plenty of bites from cryptocurrency miners, many of them ‎currently operating in China, and expects to announce final deals in ‎the near future.‎ Hydro-Quebec said its cryptocurrency sales pipeline more than tripled in a month to over 100 ‎projects.‎

Resolute Forest Products and Fortress Global Enterprises told Reuters they ‎have received interest from operators of cryptocurrency mining ‎operations, both in Canada and overseas.‎

CEO of British Columbia-based Fortress Global explained that the sales ‎pitch was simple as those miners want “space and cheap power,” adding ‎that U.S. firms are also interested in space at “the company’s Quebec ‎dissolving pulp mill.”‎

Cryptocurrency mining consumes large quantities of energy with electricity ‎now counts the largest variable cost in the operation that uses computers to ‎solve complex math puzzles in order to validate transactions.‎

Chinese miners, who are estimated to generate 75% of the machines ‎plumbing the blockchain, dominated the scene thanks to cheap coal-fired ‎power and a system that allowed them to skirt taxes and grid fees. However, the mainlanders ‎lost their edge after the authorities halted trading of digital coins, banned ICOs ‎and shut down mining in recent months.‎

Some of the most influential companies went for a hunt in new markets, but ‎the choices are narrowing to Canada and a handful of Nordic countries.‎

Morgan Stanley estimates demand from crypto miners would ‎rise to as much as 140 terawatt-hours of electricity by the ‎end of 2018, nearly 1 per cent of global demand. That’s also more than ‎anticipated power consumption from electric cars in 2025 and easily ‎surpasses the entire electricity demand of  a populated country ‎such as Argentina.‎

Because of that hype, Samsung Electronics, the conglomerate business that accounts for around 20% of South ‎Korea’s entire economy, has recently made a move into the mining hardware industry.

The tech giant ‎has set up its ASIC chip manufacturing unit over the past year and produced an initial batch of ‎mining hardware to supply an unnamed Chinese equipment provider, with plans to ‎expand its venture to other regions like South Korea and Japan.‎