Digging cryptocurrency is a modern and effective way to use excess energy, the Energy Ministry of Ukraine argued in a statement on May 6, posted on Facebook.
According to the publication, local nuclear power plants have generated surplus due to the quarantine generated by COVID-19.
Course towards digitalization
The institution is now looking to implement progressive solutions so as not to waste energy as part of the government’s digitalisation course, backed by President Vladimir Zelensky. Leaving the situation unchanged could create “conditions for corruption crimes that will ultimately be paid at the expense of Ukrainian citizens,” the ministry warned.
Cryptocurrency mining, in turn, can be one of the effective solutions. The publication continues:
“There is a way to turn this ‘liability’ into an ‘asset’. One of the modern approaches to the use of surplus electricity is to dedicate to the extraction of cryptocurrencies. This would not only maintain the guaranteed load on nuclear power plants, but also ensure that companies can raise additional funds. Therefore, this would open the way to a fundamentally new economy, new approaches, a new market model. “
As previously reported by the Russian media Forklog on May 5, the acting head of the Ministry of Energy of Ukraine asked the state enterprise Energoatom to explore potential ways to extract cryptocurrency in the country’s nuclear power facilities by May 8. .
Potentially profitable operation?
Power plants have been used to extract cryptocurrencies before, although not on a government scale. As reported in March, a private power plant in the Finger Lakes area of New York is targeting Bitcoin (BTC), adding about $ 50,000 BTC to daily revenue each day.