Crypto mining tapping excess nuclear power for Ukraine

A new letter from Olha Buslavets, the head of Ukraine’s Energy and Environmental Protection, is proposing the use of excess nuclear power in crypto mining operations in the country. The letter was sent to the state-owned energy operator, Energoatom. 

Crypto mining operation blossoms in Ukraine

If approved, the government will develop data centers at their NPP, which is fully known as a Nuclear Power Plant, in order to start crypto mining. Energoatom was granted a period of two days to explore the potential methods in mining digital currencies.

The development is coming as a result of low energy consumption in the country, which is invariably causing inactive nuclear power in excess. The reason is said to be the nation’s lockdown, which temporarily closed businesses and companies that would normally use the energy. 

Ukraine’s economy is being affected by the coronavirus pandemic, likewise in many countries. The minister’s proposal for cryptocurrency mining could be seen as a strategy to convert the nation’s liability to assets in order to help the economy, according to the report.

A modern way to utilize excess energy

The ministry explained that a better way to put excessive energy in use is through adopting cryptocurrency mining operations. Notably, digital currency mining, especially Bitcoin, requires a very complex computational power that uses a significant amount of energy to mine.  

Besides creating means of revenue for the Ukraine government, establishing data centers for crypto mining would enable the country to avert the consequences of excess energy production, while still maintaining the call for a digital nation by Volodymyr Zelensky, the president of Ukraine.

The Ukraine government has been showing interest in cryptocurrency mining, with the Ministry of Digital Transformation saying it is loyal to digital currency mining operations. The ministry also explained that such activity need not involve any regulatory body since it is already regulated by network participants and the protocol itself.