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Ukraine’s Energy Ministry suggests using excess nuclear power for cryptocurrency mining

Source : 112 Ukraine

As of now, there is a surplus of nuclear power that has been caused by the imbalance of the energy system
13:16, 6 May 2020

Ukraine's Energy Ministry suggests using excess nuclear power for cryptocurrency mining
Bloomberg

Excess nuclear power can be used for cryptocurrency mining: special data centers will be created for this purpose. This was announced in an explanation by the press service of the Ministry of Energy and Environmental Protection.

The surplus of electricity in Ukraine is related, among other things, to the coronavirus pandemic, because the ministry plans to look for new approaches to the regulation and use of excess electricity in the system.

"We can really transform the 'passive' into an 'active'. With a surplus of nuclear generation, one of the modern tools for using excess electricity is to direct it to cryptocurrency mining. This not only allows to maintain the guaranteed load on the NPP, but also will make it possible for companies to raise additional funds,” the message reads.

Related: Oligarchs Kolomoisky, Akhmetov wage turf wars: Who to head Ukraine's Ministry of Energy?

As we reported earlier, Ukraine's National Commission for Energy and Housing Management suggests increasing the size of tariffs for electric power consumed by households.

Over the next two-five years, the Commission offers to increase prices for population-consumed energy according to the industrial development level, at the same time providing assistance to the vulnerable category of consumers. This will allow the government to collect more than 1,3 billion dollars annually.   

Related: Ukraine’s Security Service warns Parliament about real threat to energy security

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