French lawmakers say the country could earn $150 million in annual revenue from bitcoin mining
French lawmakers have stepped up their push into bitcoin mining, saying the country could generate up to $150 million in annual revenue from the sector.
In a bill submitted to France's National Assembly on July 11, lawmakers proposed a five-year pilot program allowing electricity producers to use excess energy, often lost during periods of low demand, to mine bitcoin.
Data from the Association for the Advancement of Digital Assets (ADAN) predicts that allocating just one gigawatt of excess energy could generate between $100 million and $150 million a year, lawmakers said.
The funds could help cover the ongoing costs of running France's nuclear power industry while monetizing energy that would otherwise be sold at a loss.
The bill comes a month after French lawmakers initially called on the government to consider whether bitcoin mining could absorb excess electricity produced by the country's nuclear power plants.
Lawmakers say France's power grid is facing increasing strain from the rise of variable renewables such as wind and solar.
They noted:
The large share of [renewable energy] in our energy mix leads to regular imbalances in the grid, including overproduction events that force electricity producers to sell at a loss due to insufficient storage. These unused surpluses represent unacceptable economic and energy losses.
Benefits of Bitcoin Mining
To solve this problem, French legislators are advocating for the placement of Bitcoin mining centers near nuclear power plants.
These centres will only be activated in the event of excess energy, offering a flexible way to stabilise the grid in real time without affecting the supply to consumers.
In their words:
Existing infrastructure that is currently underutilized or closed could become the basis for this new infrastructure. Abroad, some former factories or decommissioned power plants have already been converted into mining farms running on carbon-free electricity.
The bill also highlights additional benefits of Bitcoin mining, including heat recovery. Lawmakers noted that mining rigs can generate significant amounts of heat that can be redirected to district heating systems, greenhouses, or industrial facilities.
They also cited examples from countries like Finland, where heat generated during the Bitcoin mining process is used to support agriculture and sustainable infrastructure.
If approved, the pilot project will begin immediately and last for approximately five years under the supervision of the French Council of State. A full evaluation report will be prepared in six months to determine the feasibility of wider implementation.
Meanwhile, the effort puts France in a growing group of countries, such as Pakistan, Belarus and Texas in the U.S., that are looking to bitcoin mining as a strategic response to excess energy.
Source: cryptonews.net
