Bitcoin mining could be a suitable tool to solve one of the major problems of the Ukrainian energy sector: costs. A financial expert has welcomed the Ukrainian government’s recent move to mine cryptocurrencies in the country’s nuclear power plants.
Mining cryptocurrencies can smooth out fluctuations in consumption, according to an expert.
In an interview with Insha Alexei Mushak, economic advisor to former Prime Minister Alexei Honcharuk, Ukraine says it needs bitcoin (BTC) miners, but mostly to take advantage of nuclear power plants that promote uninterrupted operation while saving money.
Modern devices (small ASICs) can be turned on or off in a minute. The cryptocurrency industry can offset fluctuations in consumption and production [of nuclear power plants].
Moreover, NAEK Energoatom, the state-owned company that operates Ukraine’s nuclear power plants, may expand its markets in the near future by increasing cryptocurrency production in the country, as it expects to lose $171 million by 2020.
Nuclear cryptographic data centres operational by 2023
But mining cryptocurrencies in nuclear power plants has been an ongoing project since May 2020.
The author of the project was the former Acting Minister of Energy, Volha Buslavets. Initially, it is planned to build data processing centres at four NAEK Energoatom nuclear power plants.
These government-licensed data centers could have BTC mining capabilities and large altars, although this is not specified in the plan. If the project goes according to plan, it could open in 2023.
As Bitcoin.com News reported on the 30th. January 2021 reported that a Ukrainian nuclear power plant has selected a company that will build a huge data center in Rivne to mine cryptocurrency.
The data center will be housed at Rivne Nuclear Power Plant after the construction company received UAH 8.92 million ($317,620) in funding. The company expects construction of the data center to be completed by December 31.
Overall, Ukraine has a significant share of the crypto-mining market. According to Mushak, the country has a 30% market share in bitumen production. However, mining activity has slowed in recent years.
What do you think of Mushak’s opinion? Let us know your comments in the section below.
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