Ukrainian nuclear plants may start to mine crypto

Ukrainian state nuclear power company ‘Energoatom’ is considering crypto mining. 

Crypto-mining: brand new economy.

The country has produced excessive electricity power because of COVID-19 crisis, and the government is now considering the possibility of mining Bitcoin and other cryptos.

Acting minister of energy Olga Buslavets lead a request to ‘Energoatom’, the state operator of nuclear power plants, asking to consider the possibility of using the excessive electro energy for mining cryptocurrencies.

“Together with ‘Energoatom’ and trading subsidiary, we can develop the normative and technical framework for possible implementation of crypto mining projects.

In this way we would provide additional markets for electricity produced by nuclear power plants”, says the message published on Facebook.

According to the request, ‘Energoatom’ should study the potential ways of crypto mining.

In the additional post on its Facebook account Ministry of Energy announced that the nuclear power plants have produced excessive electricity because of the restrictions implemented due to the coronavirus pandemic.

Then the Ministry claimed that the president Vladimir Zelensky’s stance is that digitalization is the best way to develop the country and integrate innovative solutions in order to avoid power losses.

Governments are turning to cryptos and stablecoins.

Ukraine is optimistic about the crypto industry. Previously this year Ministry of digital transformations has announced it would not regulate crypto space as it is already governed by the blockchain consensus policy. “We stay devoted to mining which is a part of open decentralized networks. It does not require any actions from the state regulators or other legal framework. The industry is regulated by the protocol policy and members of blockchain networks”, claimed the Ministry.

Still it is unclear whether ‘Energoatom’ will accept the proposal of Buguslavets but the very desire to participate in crypto industry looks promising.

Amidst the inflation and economys’ collapses, cryptos appear to be the great alternative to the traditional banking and fiat currencies. Many governments have already drawn their attention to the new industry trying to integrate cryptos. It is enough to recall the stable coins’ development and launch race.

The type of people who invest in crypto has changed over the recent years. From “techno-libertarian” crowd in 2012 to common retailers in 2016, and now the industry sees large inflow of institutional funds and investors.

Once more and more institutionals get involved into crypto space, BTC will get new infusion of capital from financial companies. This indicates bullish sentiments spread by accredited investors who have finally accepted Bitcoin as a legal asset.

Halving has reduced the BTC supply on the market. Apart from several fundamental updates, all the current circumstances point towards that BTC has entered a new phase of development.