Ukraine explores using nuclear power plants' excess electricity to mine cryptocurrencies

Nuclear power plants in Ukraine could begin mining Bitcoin and other cryptocurrencies if a Ukrainian government proposal goes through.

According to TheBlock, Ukraine’s acting Energy Minister Olha Buslavets has sent a letter to the country’s state-owned nuclear power plant operator Energoatom, considering using excess electricity to mine cryptocurrencies.

According to information shared on Facebook by Geo Leros, a member of the country’s parliament, the letter states that it will “explore with Energoatom the regulatory and technical aspects of implementing a cryptocurrency mining project in order to provide additional markets for the electricity generated by the nuclear power plant.” According to the letter, Energoatom will explore potential methods of mining cryptocurrencies by May 8.

According to another post by the Ukrainian Ministry of Energy on its Facebook account, Ukraine's nuclear power plants have excess electricity due to the impact of the new coronavirus.

The ministry said Ukrainian President Volodymyr Zelensky wants to digitize Ukraine and adopting innovative solutions to avoid wasting electricity is the best way forward.

“One of the modern ways to use excess electricity is to use it exclusively for cryptocurrency mining. This would not only keep the nuclear plants loaded, but would also ensure that the companies would attract additional funding. This would thus open the way to a new economy, new approaches, new market models.”

Ukraine has been optimistic about crypto mining. Earlier this year, the country’s digital transformation department said it would not regulate the industry because it was already governed autonomously by blockchain consensus rules.

“Mining does not require regulatory oversight by government agencies or other third parties; the activity is regulated by the protocol itself and network members,” the department said.

Image source: pixabay

AuthorLiang Che

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