French Lawmakers Propose Lower Electricity Rates for Cryptocurrency Miners

French Lawmakers Propose Lower Electricity Rates for Cryptocurrency Miners

As part of a parliamentary mission to explore the implementation of crypto and blockchain technologies in France’s economy, two pro-crypto deputies, Jean-Michel Mis and Laure de La Raudière, have put forward a proposal to recognize mining as an “electro-intensive activity.” That status would allow cryptocurrency miners to pay for the electricity needed for their facilities at preferential rates.

According to Jean-Michel Mis, France should offer mining companies good conditions to operate in the country, French news outlet Cryptonaute reported. He believes that cryptocurrency miners should be well distributed around the world as the concentration of mining power benefits mostly big players in China and the U.S. “We must have our own mining farms here in France,” the French legislator stated, as quoted by Les Échos financial daily.

France relies heavily on cost-efficient nuclear power to satisfy its energy needs. Almost 60 nuclear reactors account for over 70 percent of the total electricity production in the country. According to data compiled by Statista, the electricity rates in France averaged $0.19 per kilowatt hour in 2018, which is cheaper than in many other European nations. In comparison, this year’s prices in Germany have been around $0.33 per kWh.

Sourced through Scoop.it from: news.bitcoin.com

By | 2018-12-14T22:27:37+00:00 December 14th, 2018|Scoop.it|0 Comments

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