Expert Believes Nuclear-Powered Crypto Mining Could Help Ukraine to Solve Energy Spending Problems – Mining Bitcoin News
Bitcoin mining could be an appropriate means of solving one of the most important problems in the Ukrainian energy sector: spending. A financial expert praised the Ukrainian government’s recent foray into core-powered crypto mining across the country.
Crypto mining can “balance out” fluctuations in consumption, says the expert
During an interview with Inshe, Alexei Mushak, an economic advisor to former Prime Minister Oleksiy Honcharuk, Ukraine needs bitcoin miners (BTC), but mostly to take advantage of the nuclear power plants, which facilitate smooth operations while saving costs.
Modern devices (ASIC miners) can be switched on or off within a minute. Crypto mining can offset fluctuations in consumption and generation [at nuclear power plants].
Additionally, by promoting crypto mining in the country, NAEC Energoatom, the state-owned company that operates Ukraine’s nuclear power plants, could have the opportunity to expand its markets in the near future after suffering a loss of $ 171 million in 2020 .
Crypto mining data centers in the nuclear sector are scheduled to open in 2023
However, core-powered crypto mining is a project that has been in the works since May 2020.
The project was written by the former incumbent energy minister Olga Buslavets. In a first phase data centers are to be built near four NAEC Energoatom nuclear power plants.
Such data centers – whose approval has been granted by the government – could mine BTC and vital altcoins, although it wasn’t set out in the plan. If the project goes as expected, it can be inaugurated by 2023.
As Bitcoin.com News reported on January 30, 2021, Ukraine’s state nuclear power plant selected a company to build a huge data center for mining cryptocurrencies in Riw.
The data center will be stationed at the Rivne Nuclear Power Plant after the construction company financed 8.92 million hryvnia ($ 317,620). The company expects to complete the data center building by August 31, 2022.
Overall, Ukraine has a significant share of the crypto mining market share. According to Mushak, the country has 30% of the bitcoin mining market. However, mining activities have slowed in recent years.
What do you think of Mushak’s opinion? Let us know in the comments below.
Photo credit: Shutterstock, Pixabay, Wiki Commons
Disclaimer of liability: This article is for informational purposes only. It is not a direct offer or a solicitation of an offer to buy or sell or a recommendation or approval of products, services or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author are directly or indirectly responsible for any damage or loss caused or allegedly caused by or in connection with the use or reliance on the content, goods or services referred to in this article.