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  • Energoatom, Ukraine’s state-owned nuclear energy firm, has been advised to consider crypto mining by the energy ministry. 
  • The nuclear power plants in the country have had excess electricity due to the coronavirus lockdown

Ukraine’s nuclear power plants may start mining cryptocurrencies if a government proposal goes through. Olha Buslavets, the country’s acting energy minister, has sent a letter to Energoatom, Ukraine’s state-owned operator of nuclear power plants, to consider using excess electricity for mining cryptocurrencies. 

An excerpt from the letter reads:

To work out, together with Energoatom and the Energoatom Trading division, the regulatory and technical issues of the possible implementation of cryptocurrency mining projects in order to provide additional markets for the electricity generated by nuclear power plants. 

According to the letter, Energoatom has until May 8 to examine possible ways to mine cryptocurrencies. In a recent Facebook post, Ukraine’s energy ministry said that the nuclear power plants in the country have had excess electricity due to the COVID-19 lockdown. 

The ministry also noted that President Volodymyr Zelensky’s vision is to digitize Ukraine and apply innovative solutions to avoid wasting electricity. 

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 the 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.