Ukrainian Power Plants May Use Excess Electricity to Mine Cryptocurrencies

The Ministry of Energy in Ukraine thinks power plants could be used for crypto mining companies; considering the impact of the COVID-19 pandemic on energy.

Crypto mining is one of the most efficient ways of using excess energy, argues the Ministry in a Facebook post from May 6th.

According to the same post, Ukraine's nuclear power plants have been generating an energy surplus ever since the Coronavirus lockdown began.

Is Digitalization the Answer?

Ukraine’s President, Volodymyr Zelensky, has always encouraged the process of digitization, so the Ukrainian Ministry of Energy has decided to do the same in order to avoid the waste of energy and after warning that if the situation remains unchanged, the conditions for corruption may increase. Here's what the Facebook post on mining says:

“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 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.”

Energoatom State-Owned Company to Take Charge

The crypto news website Forklog reported on May 5th that the Ukrainian Ministry of Energy’s acting head requested that Energoatom, which is a state-owned company, to look at how crypto mining could take place at nuclear power plants and have an answer by May 8th.

It wouldn’t be a first to see nuclear power plants involved in crypto mining, yet a first when it comes to the involvement of a government. Back in March 2020, the New York Finger Lakes’ privately-owned power plant resorted to Bitcoin (BTC) mining and started making about $50,000 a day.

Ukraine is a Crypto-Friendly Country

Ukraine has always been friendly and optimistic when it comes to crypto mining. At the beginning of this year, the Ministry of Digital Transformation in the country said it doesn’t want to regulate the crypto space because the blockchain consensus rules are already doing it.

As far as the proposition sent to Energoatom goes, there’s no knowing yet if the company has accepted it or not. No comments have been made, but there’s still time until the May 8th deadline.

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