- Crypto mining can turn excess nuclear power into profits
Global energy use has drastically declined amid the coronavirus pandemic, causing oil prices to drop towards zero, and crippling the energy sector in general. However, nuclear power plants are continuing to produce electricity at the same rate, resulting in a massive energy glut in addition to the potential that some energy will have to be wasted because the grid is at capacity. The Ukraine Ministry of Energy thinks this problem could be solved with crypto mining.
Essentially, cryptocurrency mining operations could be set up in regions that have nuclear energy, and these mining farms can turn excess nuclear energy into profits, rather than the current situation where energy is going to waste.
Further, attracting crypto mining farms will stimulate the economy, by leading to new crypto mining businesses and new jobs.
Apparently, Ukraine is quite serious about this, and the Head of the Ukraine Ministry of Energy has requested that the state-run energy company Energoatom study how to implement crypto mining at nuclear facilities by 8 May.
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