What happened?
The French Parliament is advancing a five-year Bitcoin mining experiment program, utilizing surplus electricity from nuclear and renewable energy, which can not only generate up to $150 million in annual income but also reduce nuclear power costs, achieving both energy revitalization and economic growth goals.
Faced with the intermittent and fluctuating issues of renewable energy generation, lawmakers proposed absorbing surplus electricity through energy-intensive Bitcoin mining. The residual heat from mining can also be reused for heating and agriculture, combining energy efficiency with sustainability.
This bill has sparked controversy due to political positions and environmental concerns, but the government has expressed its willingness to conduct a careful study. If successfully promoted, France will align with multiple countries to integrate crypto mining into energy transition and industrial innovation strategies.
Creating a mining experimental base using surplus electricity
The French Parliament is actively promoting a bill, hoping to revitalize domestic electricity resources, create job opportunities, and increase fiscal revenues through Bitcoin mining. This proposal indicates that if France can effectively utilize its considerable surplus electricity, especially from nuclear and renewable energy sources, there is an opportunity to generate up to $150 million in annual income for the country, reducing fixed costs of nuclear power, which is a strategy of 'turning waste into assets.'
This draft was proposed by members of France's far-right 'National Rally' and was officially submitted to the National Assembly for review on July 11. This is a five-year experimental program where electricity producers can use surplus electricity that is difficult to store to conduct mining operations for Bitcoin and other cryptocurrencies. According to data provided by the French Digital Asset Development Association (ADAN), if only 1 gigawatt of surplus electricity is allocated, it could generate approximately $100 to $150 million in annual income for France.
In addition to turning idle energy into actual revenues, it can also support the operating costs of France's large nuclear power plants, allowing surplus electricity that would originally need to be sold at low prices to become a source of profit. The draft also calls for Bitcoin mining centers to be co-located with nuclear power generation facilities and should only be activated when there is an electricity surplus, forming a stable system that allows for real-time adjustment without interrupting electricity for people's livelihoods.
Not just for profit, but also for heating?
Lawmakers promoting the bill pointed out that the proportion of renewable energy sources such as wind and solar power is increasingly high in France's overall electricity sources, leading to unstable electricity supply, as solar power can only generate electricity during the day, and wind power depends on wind speed, resulting in periods of electricity availability and periods of unavailability, which does not ensure stable supply around the clock.
During certain periods, if there is an electricity surplus and insufficient energy storage facilities, it can lead to electricity being forced to be sold at low prices, resulting in dual losses in energy and economy.
The bill emphasizes: 'The proportion of renewable energy in our electricity composition is increasing, but it also leads to frequent imbalances and over-supply in the grid. If not handled properly, this will be an unacceptable waste.' In this context, Bitcoin mining, due to its high electricity consumption characteristics, is seen as one of the solutions that can convert the 'excess power' from renewable energy into tangible value.
In addition to economic benefits, the bill points out that the heat generated from Bitcoin mining can be expected to have 'waste heat recycling.' Mining equipment produces a large amount of heat during high-performance computing processes; this heat can be directed into regional heating systems, agricultural greenhouses, or industrial production. Countries like Finland have already had successful examples of applying mining waste heat in agriculture and sustainable infrastructure, and French lawmakers hope to draw on these experiences to create a low-carbon economy.
In addition, the bill emphasizes that this experiment must be carried out under strict supervision, expected to be led by the State Council, and requires participating mining facilities to use high-performance hardware, implement carbon footprint management, and comply with French environmental standards. If the results are good after a six-month trial, an evaluation will be made on whether to expand the implementation.
The future direction of the bill remains unclear
In fact, last month, France already had a similar amendment incorporating Bitcoin mining into energy policy, which was vetoed by Parliament. Although this time it was re-proposed under the name 'experimental program,' it still cannot avoid intense debate.
Some environmental groups have reservations about this, believing that it may exacerbate overall electricity consumption and increase environmental burdens. However, the French government currently views this positively, stating that it will seriously study this proposal and see it as a potential tool for improving grid management efficiency and cultivating emerging industries.
Additionally, as countries or regions such as Texas in the US, Belarus, Bhutan, and Iceland successively incorporate Bitcoin mining into their energy management and economic policies, this proposal from France can be seen as following global trends and attempting to seize the initiative in the new wave of energy and technology integration.
This article is reprinted with permission from: (Web3+)
Original author: Li Pengrui
Original title: Earn an Extra $150 Million Annually! The French Parliament Wants to Use 'Mining' to Solve Surplus Electricity Problems
'Is France Leading the Way? Using Bitcoin Mining to Solve Surplus Electricity Could Earn an Extra $150 Million Annually' was first published in 'Crypto City'
