French politicians have submitted a new proposal Transform surplus electrical energy into economic value by Bitcoin mining. The bill, introduced on July 11, outlines a five-year experimental program that would allow energy producers to use excess power—particularly from nuclear and renewable sources—for mining Bitcoin.
This initiative was designed to tackle France’s perennial problem of overproduction. Due to their limited capacity to store energy, electricity producers have been forced to often sell the surplus at a significant loss. “Electricity producers are often compelled to sell overproduced energy at a loss due to a lack of storage, which constitutes an ‘unacceptable economic and energy loss,'” This is the proposed proposal.
The French lawmakers think that by redirecting the energy to Bitcoin mining they can increase grid stability and reduce strain on infrastructure at nuclear plants, as well as boost revenue. According to the bill, reducing nuclear power plant modulation based on output from renewable sources would improve infrastructure and long-term efficiency.
“By developing a French mining sector with a controllable and carbon-free electricity mix, France could establish itself as a major player in the cryptoasset ecosystem,” The proposal stated.
Plan includes the construction of data centers in close proximity to energy production sites. This is especially true for abandoned factories and other underutilized buildings. It would be possible to avoid straining the power grid while revitalizing dormant areas of industry.
“In short, Bitcoin mining is an innovative use, capable of converting a problem (unused surplus) into an economic opportunity,” This proposal is concluded.
According to data provided by the Association for the Development of Digital Assets, (ADAN), legislators estimate that allocating only one gigawatt of excess power for mining could result in between $100 and $150 millions of revenue annually.
The proposal reveals a benefit that is often overlooked: the waste heat recovery. “Another advantage of Bitcoin mining is the production of heat, generally considered waste, which can be recovered,” It is noted. “Mining computers in fact release considerable heat, which can be captured via heat exchangers to heat buildings, agricultural greenhouses or power industrial processes.”
This approachThe legislators concluded that the use of the strategy in Iceland, Norway, Sweden and other countries demonstrates its technical feasibility as well as potential environmental benefits.
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Source: bitcoinmagazine.com
