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Ukraine Considers Using Nuclear Plants for Crypto Mining
Crypto mining is a contemporary and efficient way to use excess energy, as stated by Ukraine’s Ministry of Energy in a May 6 statement published on Facebook. The post argues that local nuclear plants have generated the surplus due to the COVID-19 lockdown.
The course toward digitalization
The bureau is now seeking to leverage progressive solutions to avoid wasting energy as part of the government’s course toward digitalization championed by president Volodymyr Zelensky. Leaving the situation unchanged might create “conditions for corruption offenses, which will ultimately be paid at Ukrainian citizens’ expense”, the ministry states.
Crypto mining, in turn, could prove to be one of the best solutions, the post reads:
“There is a way to transfer this ‘liability’ into an ‘asset’. One of the modern approaches for using excess electricity is to devote it to cryptocurrency mining. That would not only allow to maintain the guaranteed load on the nuclear power plants, but also ensure that companies can attract extra funds. Therefore, it would open the way to a fundamentally new economy, new approaches, a new market model.”
As reported by a Russian-language crypto news outlet Forklog on May 5, the acting head of Ukraine’s Ministry of Energy asked the state-owned enterprise Energoatom to research potential ways to implement cryptocurrency mining at the country’s nuclear energy generating facilities by May 8.
A potentially profitable operation?
Power plants have been used for crypto mining before, although not on a government scale. A privately-owned plant in New York’s Finger Lakes region turned to Bitcoin (BTC) mining, adding around $50,000 worth of BTC every day to daily revenues.
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