Crypto Miners May Get Electricity Cost Discounts in France to Build Country's Blockchain Ecosystem

The process of mining bitcoin or any other cryptocurrency is tedious and costly. The expense of covering an adequate amount of electricity is substantial, and two French legislators are looking to change that. According to reports, these legislators have already submitted multiple proposals around the same idea – giving crypto mining companies preferential pricing on electricity usage.

In an effort by the parliament to include cryptocurrency and blockchain technology in the local economy more, the regulators suggested that mining be considered “electro-intensive activity.” These regulators, Jean-Michel Mis and Laure de La Raudière added that the miners should have a lower rate to pay for electricity, due to the crypto assets that they bring to the market.

Jean-Michel Mis believes that the positive working conditions would bring in additional users, and that these miners need to be more evenly distributed around the world. The legislator noted, “We must have our own mining farms here in France,” adding that China and the US are the main players in the space right now.

Much of the energy needs in France are dealt with using nuclear power, which is cost-efficient in the economy. Presently, over 70% of the electricity in the country is the result of the work of almost 60 nuclear reactors. Based on data collected by Statista, France presently has the cheapest electricity of almost any other country in Europe at only $0.19 per kilowatt hour this year.

When the regulators presented their request this week, they commented that the local government “shouldn’t miss the blockchain train.” To support this developing industry in their economy, the regulators proposed an allocation of about $568 million for the next four years. They suggested compiling the funds from some of the existing accounts in the government, like that of the French Public Investment Bank, Bpifrance, and the National Agency for Research.

Laure de La Raudière said, “We would like France to get ahead this time.” She added that either the European Central Bank or the Bank of France should participate in “testing of a digital currency” of their issuance.

Jean-Michel Mis believes that 2019 will bring a lot of progress into the blockchain technology industry. In a statement to French business weekly La Tribune, he said, “This ten-year old technology is moving out of the experimental stage into industrial implementation. The general public will see the emergence of uses that affect their daily lives.”

Over the last few months, France has been becoming progressively more welcoming to cryptocurrency in their economy. They established guidelines for initial coin offerings already in September. In November, the National Assembly placed their support behind an amendment that would reduce taxation on cryptocurrencies next year.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Avatar
Krystle M
Krystle is an American cryptocurrency blogger that wants to see the future of crypto and blockchain technology evolve. She has been writing about cryptocurrency for about a year, with a special interest in blockchain technology and regulatory measures around the world. While away from writing and learning about the changes in the cryptocurrency industry, she likes to indulge in science fiction novels and further her experience in playing both guitar and piano.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

LEAVE A REPLY

Please enter your comment!
Please enter your name here

3,468FansLike
2,795FollowersFollow
4,234FollowersFollow

Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

YFI’s Andre Cronje isn’t Going Anywhere; ‘This Space Won't Get Rid of Me'

Andre Cronje, the guy behind yEarn and the popular YFI, is not leaving the cryptocurrency space any time soon, at least, “until there is...

Crypto Mom, Hester Peirce, Secures Second Term as SEC Commissioner Through 2025

The US Securities and Exchange (SEC) Commissioner Hester Peirce, aka “Crypto Mom,” has been confirmed for a second term that will last till June...

yEarn Expanding its Ecosystem to Bring in Hot DeFi Tokens into the Mix

DeFi craze continues to get hotter as the system grows. yEarn’s zero supply valueless token YFI climbed to a new high today at $5,300 and...

Bitcoin Dollar Cost Averaging From 2017 Market Peak Still Returned 61.8%

Bitcoin price remains strong, not far from hitting $12,000 yet again after the touch and go over the weekend. Interestingly, despite the fact that the...

DEX Leader Raises $11 Million in Series A Funding for Uniswap V3 Following an Explosive Month

A popular and widely used decentralized exchange (DEX) Uniswap has raised $11 million in Series A funding led by Andreessen Horowitz with additional investment...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today