Crypto-mining

Another very different type of mining could potentially make its way to the Asbestos region too.

An hour to the south, in the university town of Sherbrooke, one of the province’s largest Bitcoin mining operations has popped up, to the tune of $250 million Canadian ($195 million US), and the cryptocurrency firm BitFarms is expanding across southern Quebec.

In March, local media reported on potential plans for a cryptocurrency operation at the abandoned mine works at Thetford Mines. Cheap electricity plus large facilities and pre-existing large-scale electrical connections make it an attractive site.

But Asbestos Mayor Hugues Grimard is careful not to commit too readily to the idea of something similar in Asbestos. “If a developer approaches us, we’ll look at the project,” he insists, but adds that priority needs to be given to developments that stimulate the local economy.

Quebec premier Philippe Couillard meanwhile has expressed scepticism regarding the proliferation of cryptocurrency mining facilities around the province, doubting the actual benefit to communities.

But even without this sort of high-tech industry, there can be no doubt that Asbestos is undergoing a transformation that could see the town emerge from the cloud cast by the mineral it supplied around the world.

For the people who live there, the name of their town is something they intend to be proud of, rather than ashamed.

To comment on this story or anything else you have seen on BBC Capital, please head over to our Facebook page or message us on Twitter.

If you liked this story, sign up for the weekly bbc.com features newsletter called "If You Only Read 6 Things This Week". A handpicked selection of stories from BBC Future, Culture, Capital and Travel, delivered to your inbox every Friday.