France Sees Bitcoin Mining as a Way to Manage Energy
A group of MPs has set out to encourage France to consider Bitcoin mining, particularly as a way to manage its vast electricity grid and strengthen energy independence.
A legislative proposal to this effect has been presented in Paris, and its authors hope that the government will consider the potential of cryptocurrency activities in other areas as well.
While various countries around the world have either tried to restrict cryptocurrency mining, as happened in China a few years ago, or promoted its development, as in the United States, France has not yet decided on its position in this area and what it wants to achieve.
France Seeks Its Place in Crypto Mining Industry
Several members of the French parliament have decided to speed up the decision-making process in Paris. They are now proposing that the country consider the potential of Bitcoin mining, at least as a tool for improving the management of electricity production.
France may be taking a step toward the pro-mining camp, French crypto news outlet Journal du Coin noted in an article on Saturday. The publication focused on an attempt by lawmakers to initiate a debate on the issue in the National Assembly.
On Friday, a group of parliamentarians presented a draft amendment to the law on national programming and simplification of regulation in the energy sector that would require the government to assess whether France should develop domestic bitcoin mining and report back to the legislature.
The main goal of the project is to explore whether it is possible to use the creation of digital currencies as a means to more efficiently manage the electricity system of the EU's largest country.
The authors of the bill explained:
“The purpose of this amendment is to objectify, through an evaluation report submitted to Parliament, the conditions under which Bitcoin mining can be used as a tool for the maintenance of the French electricity system.”
France is one of the leading producers and exporters of electricity in the region, thanks in large part to its strong nuclear energy sector. The latter accounts for more than 70% of the total electricity generated, with the rest provided by renewable energy sources and fossil fuels.
Bitcoin Mining Could Help Use France's Surplus Energy
Another topic of discussion in French society is how to improve the efficiency of the national nuclear power industry. The main problem is the need to optimize the management of excess electricity production.
The authors of the new legislation believe that Bitcoin mining could be a unique solution because it is “very flexible” and “does not affect the continuity of supply.” In this regard, they highlight some of its “technical advantages.”
Cryptocurrency mining devices can be switched on and off quickly, and activated on demand depending on production and consumption peaks. Bitcoin farms can be located close to production facilities, even in the most remote regions.
In addition, lawmakers believe that the creation of a low-carbon cryptocurrency mining sector in France under government control could revitalize abandoned industrial sites and strengthen the country's energy sovereignty, while promoting innovation.
The report highlights the positive aspects of cryptocurrency mining in France:
“In short: an activity that can adapt to the constraints of the electricity system, absorb excess energy, reduce negative prices on wholesale markets and relieve nuclear power plants by avoiding excessively frequent modulation cycles that aggravate plant wear.”
While the upcoming parliamentary debate on the amendment is only a first step that must be translated into concrete actions by the French government, “the evaluation process will help inform future policy decisions based on energy sovereignty, industrial innovation and network resilience,” the MPs noted.
The amendment was developed in collaboration with ADAN, the French Association for the Development of Digital Assets, which has been the driving force behind proposals regarding the regulation, taxation and mining of cryptocurrencies in the country.
Source: cryptonews.net
