Ukraine plans to use surplus Nuclear Electric Power for cryptocurrency mining
Just a few days before Halving of Bitcoin, Ukraine is taking steps to expand mining services within its borders. Ukraine plans to use excess nuclear power, while the Asian country has licensed a Turkish company to operate up to 6.000 mining rigs in Semnan.
The Ministry of Energy and Environmental Protection of Ukraine recently published a press release outlining the possibility of adopting cryptocurrency mining soon. Interestingly, the document reported that the large Eastern European country wants to use excessive nuclear energy to do so.
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Nuclear energy in mining
Mainly due to the COVID-19 pandemic, Ukraine has a significant surplus of electricity. Therefore, the Ministry is looking for new approaches to use it, as indicated by the press service:
We can really transform the 'passive' into an asset. With a surplus of nuclear generation, one of the modern tools for using excess electricity is directing it to cryptocurrency mining. This not only allows the guaranteed load to be maintained at the nuclear power plant, but will also allow companies to raise additional funds.
Formerly the nation's Ministry of Digital Transformation said which has no plans to introduce specific regulations on cryptocurrency mining, as the autonomous blockchain consensus is sufficient:
We remain faithful to the mining activities that are part of open and decentralized networks. Mining does not require regulatory activity from government oversight bodies or other external regulators; This activity is regulated by the protocol itself and the members of the network.
