France Proposes Three-Year Crypto Mining Experiment Using Renewable Surplus

French lawmakers have proposed an initiative to launch a three-year experiment in cryptocurrency mining, utilizing surplus electricity generated from renewable sources. The draft law, submitted to the National Assembly, aims to address the issue of intermittent energy production from renewables, which often results in unused energy and economic losses. By employing this excess power for crypto mining, the proposal seeks to create jobs and boost the local economy, particularly in regions with abundant renewable energy.

The sponsors of the bill, members of the far-right National Rally party, argue that cryptocurrency mining is an energy-intensive process that could benefit from the surplus electricity. They propose that during the experimental period, electricity producers would be allowed to sell their excess energy to crypto mining farms. The scheme would be supervised by state and local authorities to ensure compliance with environmental and safety standards. Mining facilities participating in the project would be required to use energy-efficient hardware and implement measures to reduce their carbon footprint.

The legislative proposal has garnered mixed reactions. While crypto industry players welcome the initiative, some environmental organizations express concerns about potential excessive energy consumption. The French government has indicated its intention to study the idea, emphasizing the importance of finding innovative solutions to manage the country’s electricity surpluses while supporting emerging economic sectors.

France, as Europe’s top producer and exporter of electric energy, relies heavily on its nuclear power industry, which generates well over two-thirds of the country’s electricity. The efficiency of this industry has been a subject of debate, with previous proposals to consider Bitcoin mining as a means to improve efficiency being turned down by the legislature. The current motion, coming from the far right, is likely to face challenges and criticisms, including concerns about the energy consumption of mining and alleged links between the extreme right and crypto.

Despite the potential controversies, the cryptocurrency industry in France hopes for a pragmatic and reasonable political discussion. The industry sees the opportunity to use mining as a tool to make savings and generate profits, leveraging the country’s surplus electricity to support the growing sector. The outcome of this legislative initiative remains to be seen, but it highlights the ongoing debate and potential for innovation in the cryptocurrency mining industry.