Bitcoin mining can be a great asset to solve one of the major problems in the Ukrainian energy sector: spending. A financial expert praised the Ukrainian government’s recent push for nuclear-powered crypto mining across the country.
Crypto Mining can smooth out fluctuations in consumption, says expert
During an interview with Inshe, Alexei Mushak, an economic adviser to former Prime Minister Oleksiy Honcharuk, Ukraine needs bitcoin (BTC) miners, but mainly to take advantage of the nuclear power plants that promote smooth operation while saving costs.
Modern equipment (ASIC miners) can be turned on or off within a minute. Crypto mining can smooth out swings in consumption and generation [at nuclear power plants]
Additionally, by boosting crypto mining in the country, NAEC Energoatom, the state-owned company that operates Ukraine’s nuclear power plants, would have the opportunity to expand its markets in the near future after losing $ 171 million in 2020.
‘Nuclear’ Crypto Mining data centers will be launched in 2023
But nuclear-powered crypto mining is a project in the works since May 2020.
The project was written by the former Acting Energy Minister Olga Buslavets. In the first phase, it aims to build data centers near four NAEC Energoatom nuclear power plants.
Such data centers – which were approved by the government – could have the capabilities to mine BTC and large altcoins, although this was not specified in the plan. If the project goes as expected, it could be inaugurated by 2023.
As Bitcoin.com News reported on January 30, 2021, the government’s Ukrainian nuclear power plant selected a company to build a massive data center in Rivne for cryptocurrency mining operations.
The data center will be located at the Rivne nuclear power plant after the construction company has secured 8.92 million Hryvnia ($ 317,620) in funding. The company expects to have the data center ready by August 31, 2022.
Overall, Ukraine has a significant portion of crypto mining market share. According to Mushak, the country controls 30% of the bitcoin mining market. However, mining activity has slowed in recent years.
What do you think of Mushak’s opinion? Let us know in the comments below.
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