Lawmakers in France have proposed a five-year experiment that would allow energy companies to use excess electricity to mine Bitcoin.
This initiative is presented in the bill and should, according to the authors, increase the stability of the country’s energy system, monetize excess electricity generation and reduce the modulation cycles of nuclear power plants.
By developing the French mining sector using a controlled and carbon-free energy supply, France could become a major player in the crypto-asset ecosystem, the document says.
Lawmakers said power producers are often forced to sell excess energy at a loss because of a lack of storage, leading to “unacceptable economic and energy losses.” In addition, rules requiring nuclear power plants to adjust their output based on their renewable energy output are putting increasing strain on power plant infrastructure.
If the bill is passed, France intends to locate data centers near energy facilities, using abandoned factories and other facilities.
In other words, Bitcoin mining is an innovative use of resources that can turn a problem (unused surplus) into an economic opportunity, the authors of the paper said.
According to their data, allocating one gigawatt of power for mining could bring in $100 million to $150 million in annual revenue to the French budget. The legislators added that this approach to energy efficiency is already being used in Iceland, Norway, and Sweden, so their plan is technically feasible.