Bitcoin Mining and Energy: A Strategic Opportunity for France

ADAN has released its first policy brief on Bitcoin mining, which aims to highlight its strategic advantages in addressing France’s energy and economic challenges. This initial analysis, which will be followed by a more technical brief detailing operational and regulatory aspects, positions mining as a tool for optimizing the power grid and enhancing competitiveness in Web3. Against a backdrop of energy transition, public deficits, and sovereignty goals, France’s nuclear fleet—which generates 70% of the country’s electricity with a low carbon footprint (12% of electricity-related emissions in 2022)—is under strain. Modulating reactors to balance demand and integrate intermittent renewable energy accelerates equipment wear and tear, increasing maintenance costs (€66 billion for the Grand Carénage by 2028) and threatening the lifespan of the plants. Each year of lost operation for a 1 GW reactor represents €3 to €4 billion in lost revenue. Electricity surpluses, often sold at negative prices on the wholesale market, exacerbate this economic waste.

Thanks to its unique flexibility (instant activation/deactivation), Bitcoin mining offers an innovative solution. By utilizing surplus nuclear power, it can generate significant revenue—estimated at $100–150 million per GW per year—and help recoup EDF’s investments. Furthermore, it would help stabilize the grid by absorbing surpluses, reduce negative rates, and facilitate the integration of renewable energies such as wind and solar power. The heat generated could also be reused for district heating or industrial purposes, as is done in Scandinavia. Internationally, Iceland, with its hydroelectric surpluses, and Japan, through TEPCO’s “Megawatt to Megahash” program, are leveraging mining to revitalize regions and diversify their revenue streams.

From a strategic perspective, a “made in France” Bitcoin, mined using carbon-free nuclear energy, would strengthen the competitiveness of France’s Web3 sector against hubs such as the United States and Dubai. By internalizing this activity, France would attract investment, limit capital outflows, and strengthen its digital sovereignty in a rapidly expanding blockchain ecosystem.
ADAN calls for a pilot project with EDF and an appropriate regulatory framework to make Bitcoin mining an asset for the energy transition and innovation. This paper served as a framework for our discussions with public decision-makers.