MI HB4512

Establishes an abandoned oil or gas well bitcoin mining partnership program where participants can use oil and gas from abandoned wells to generate electricity for bitcoin mining in exchange for assuming responsibility to plug and restore the well sites

Requires the supervisor of wells to identify abandoned wells suitable for the program and publicly post information including expected production, location, estimated plugging costs, and well integrity

Creates a competitive bidding process occurring at least every 12 months where bidders must demonstrate financial responsibility, ability to mine bitcoin, and capacity to plug wells regardless of mining profitability

Limits participant liability for plugging and restoration costs to 3 times the supervisor's initial cost estimate, with excess costs paid from the orphan well fund, provided participants submit required third-party assessments of well conditions

Allows program participants to take legal ownership of wells after completing their bitcoin mining period and meeting payment obligations, while remaining responsible for eventual plugging and site restoration