Ukraine to channel excessive nuclear power towards Crypto Mining
Ukraine may have found a fitting practice to help it reduce its excessive nuclear power that has been going to waste for years. The idea of building a digital power plant with a capacity for cryptocurrency mining was discussed by the country’s Deputy Minister of Energy for Digital Development Yevhen Vladimirov, who met up with other officials to map out the possibilities.
As reported by one of the country’s local media outlets, Yevhen Vladimirov explained that the country has a chance at efficiently preserving its nuclear power if it begins to adopt emerging digital technologies.
Instead of storing unused “base capacity” as he puts it, he presents the lucrative idea of making an extra profit for the state’s Energoatom. Businesses who are given permission to operate in the field, who will likely come from home and abroad will be taxed, making it a win-win situation for both parties.
Yevhen Vladimirov can be quoted saying;
“The future lies in the latest technologies that can be used to balance the energy system, while benefiting financially. The idea of creating a data center on the basis of a nuclear power plant, of course, deserves attention, because the Ukrainian UES has unused base capacity. “The constant load on nuclear power units could bring additional profit to the state-owned Energoatom and enable businesses to operate, which will also pay taxes to the domestic budget.”
Vladmirov intends to start by resolving all regulatory-related issues, calculating and balancing out the capacity required to make sure it balances with what is already being produced. The telecommunications sectors will also be brushed up to global standards, to help foster international investment interest.
Oles Slobodenyuk, the founder of Hotmine, a producer of mining equipment, also stressed the need for the project to have a decentralized system.
“Generation and transportation of electricity is a complex and resource-intensive process. Moreover, it is a vital process for humanity, so it is not surprising that it, like financial markets, is controlled by states. But a decentralized digital financial system also requires a decentralized energy system”
Bringing this project to life could come in handy for Ukrainians whose citizens are driving retail adoption in the country. As Kim Grauer noted, head of research at Chainalysis, Ukraine has “a really tech-native population and a really industrious startup environment.” Last year, according to the Global Cryptocurrency Adoption Index published by Chainalysis, Ukraine held the record for the global leader in crypto adoption.
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