Ukrainian Government Considers The Development Of A Nuclear Power Based Bitcoin Mining Center

The Ministry of Energy of Ukraine is considering the building and development of a center for mining BTC to harness the excess nuclear power of the country.

In a meeting of the officials of the ministry and Yevhen Vladimirov, the Deputy Minister for digital development, Hotmine – a BTC mining manufacturer in Ukraine, and Energoatom – the state-owned nuclear energy company in the country, a discussion was made on how to move the proposal forward.

Vladimirov said the essence of the crypto mining center project is to help Ukraine use its nuclear power, thereby increasing the profits generated in Energoatom and ultimately increasing the country generated revenues by growing the tax on the nuclear company.

The idea behind the proposal of creating a mining center from nuclear plants deserves attention, Vladimirov said, because the unused base capacity of the Unified Energy System (UES) of Ukraine is huge. Energoatom, the state-owned nuclear plant, can generate more profits by the constant load on the nuclear plants. This will enable businesses to operate well and add to the domestic budget by paying tax.”

The size of the mining center is not defined yet, peradventure the proposal is accepted and finalized. But based on a report from Data Center Dynamics, it holds all possibilities to be between 250 to 500 Megawatts but can go up to 2 to 3 gigawatts.

According to Vladimrov, for the project to move forward, some specific issues need to be clarified and settled. An example of those is the legal, regulatory, research factors plus the required electricity needed to run the center.

Hotmine – a crypto-miner manufacturer in Ukraine, believes that the proposal if launched, could make Ukraine a leader in the world of crypto mining globally with the affordable generation of nuclear power.

To push the proposal forward, the next step for Energoatom, the ministry of energy, and Hotmine is to sign a memorandum that will create the definition of the specific measures required to take in establishing a mining center.

For Ukraine, there has been a track record of activeness in the world of crypto. Earlier last month, the ministry of the digital transformation of the country announced a partnership with the Stellar (XLM) Development Foundation for the development of the digital currency of the Ukraine central bank.

Author: MubaShar Nawaz
MubaShar Nawaz is an experienced writer working for TheForexPro.info. Having passion for writing, he covers news articles from the finance and trading world.

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