Ukraine Is Considering to Use Nuclear Power Plants for Mining Cryptocurrency

Ukraine’s Ministry of Energy is currently dealing with a surplus in energy produced by nuclear power plants of the nation as a result of the lockdown in the country. With that in mind, they believed that utilizing nuclear power plants for mining cryptocurrency can be one of the best ways to benefit from the current energy surplus.

Mining cryptocurrency is an efficient and at the same time contemporary way to utilize the excess energy. This statement was claimed by the Ministry of Energy in Ukraine on May 6, 2020, published on Facebook.

Based on the post, because of the coronavirus or COVID-19, local nuclear plants have generated the surplus energy.

Currently, the bureau is looking forward to applying advanced solutions so that no energy will be wasted. Take note, this is part of the government’s toward digitization backed by president Volodymyr Zelensky. The ministry warns that if they leave the situation unchanged, it may possibly make scenarios for corruption offenses that will be eventually paid at the expense of Ukraine citizens.

As previously reported by a Russian-language crypto news outlet Forklo on the 5th day of May, the acting head of the Ministry of Energy in Ukraine requested Energoatam, a state-owned enterprise to study the possible ways to contrivance cryptocurrency mining at the nuclear energy in Ukraine generating facilities by the 8th of May.

Is It A Profitable Operation?

Before, power plants have been utilized for mining cryptocurrency, despite the fact it is not on a government scale. In March, Cointelegraph reported that a power plant in New York’s Finger Lakes which is privately owned turned to BTC or bitcoin mining, incorporating about $50,000 worth revenues every single day.

Unregulated Ukrainian Cryptocurrency Mining

Before, the Ministry of Digital Transformation in Ukraine said that it has no plan to introduce certain regulations on mining cryptocurrency as the self-governed blockchain consensus is adequate.

According to them, they remain loyal when it comes to mining activities that form part of decentralized and open networks. Mining, on the other hand, does not need regulatory activities from governmental oversight bodies and other 3rd party regulators. Furthermore, the activity is regulated by the network members and by the protocol itself.

In the intervening time, Microsoft has gone further as well as submitted a patent for the mining technology that will involve people brain waves, therefore letting it obtain energy for mining from physical and ordinary activity.

In general, the plan on earning money using surplus energy through mining cryptocurrency may seem not so bad. But this strategy may look frankly odd considering the fact that Ukraine will still acquire energy from other countries. And at some point, of time, it may be prudent indeed to utilize the excess for making the energy industry of the country more independent from the import market rather than forwarding it to the industry that has unstable profits.

So what do you think, is using nuclear power plants to mine cryptocurrency be a potentially profitable operation in Ukraine?

About Alberto Patterson

A London School of Journalism graduate, Alberto is an expert journalist on essential topics such as business, finance, global markets, and environmental concern. As a local activist and online publisher, he aims to provide readers in-depth discussion on specific topics that are necessary and will significantly affect our way of life. He is now a full-time contributor to The Bitgrum.

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