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Ukraine May Start Cryptocurrency Mining in Nuclear Power Plant

If the government’s proposal will be implemented, Ukrainian nuclear power plants might start cryptocurrency mining.

Since nuclear power plants generate sufficiently cheap energy they can be used for Bitcoin and other cryptocurrency mining, believes Olga Buslavets, Ukraine’s acting energy minister.

In her letter, shared by the member of Rada, to national nuclear power plant operator Energoatom, the minister submitted a proposal to mine cryptocurrencies as it is a contemporary and efficient way to use excess energy.

State-owned Energoatom meanwhile, agreed to consider the possibility of cryptocurrency mining in its nuclear power plants until May 8.

The country, famous for its 1986 Chernobyl disaster, operates four nuclear power plants with 15 reactors, whose total installed nuclear power capacity is over 13 GWe, ranking the country seventh in the world.

The excess of energy

The Ukrainian officials declare that the country currently has a surplus in electricity production caused by the reduced demand amidst the coronavirus pandemic. According to the Ministry’s official post, the country has to act urgently in order to help local businesses to respond to current economic challenges.

With a surplus of nuclear generation, one of the modern tools for using excess electricity is to direct it to cryptocurrency mining. This not only allows to maintain the guaranteed load on the NPP (Nuclear Power Plant), but also will allow companies to attract additional funds. That is, it opens the way to a fundamentally new economy, new approaches, a new market system.

The ministry additionally claims that such a move will fulfill the vision of President Volodymyr Zelensky, who aims to transform the country towards greater rule of law and the fight against corruption. The ambitious vision called “Country in a smartphone” defines the President’s goal to digitize the country and the work of the Ukrainian government.

Ukraine is already making steps towards the blockchain industry and cryptocurrency adoption. Earlier this year the country recognized cryptocurrency mining as a legal form of business. The local crypto mining companies do not require institutional regulation as their activity is regulated by the network itself.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed to be financial legal or tax advice. Trading Forex, cryptocurrencies, and CFDs poses a considerable risk of loss

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