• Mon. Mar 4th, 2024

Innovation in Crypto Mining: Ukraine Uses Nuclear Power Plants For Mining

Jan 30, 2021

Ukrainian Government decides to provide a power plant powered by nuclear technology for establishing a comprehensive crypto mining facility in Rivne. Energoatom initiates bidding and awards the contract to a successful bidder i.e. Kyiv Energy Construction Company. Crypto mining facility to start operation in the year 2022.

After Russia, Ukraine too has come to believe in lending full support to the crypto industry. Recently the Ukrainian Government has come up with a plan to take its crypto support to the next level. As per the plan, the Government has decided to establish a comprehensive crypto mining facility in the city of Rivne. However, the crypto mining facility will be established at a power plant powered by nuclear technology.

It was informed by the Ukrainian Government that the facility will be ready in 2022.

When the bidding was initiated, only two entities i.e. Ukrenergobudproek and The Kyiv Energy Construction Company submitted letters of intent. However, the earlier made a high-priced offer while the bid of Kyiv was on the lower side. Kyiv was therefore declared the successful bidder and the contract was awarded to the company. As per the bidding documents of Kyiv, the construction company has committed to complete the project by 31st August 2022.

The Government also informed that its nuclear power plant is equipped with the capacity of at least 2,657 MW of electricity. However, the project was built in the early 70s but the plant was transformed into a nuclear power plant in the year 1980.

Meanwhile, in the month of October 2020, there was a memorandum of understanding signed between Energoatom and Bitfury. Bitfury is one of the prominent mining entity which has been conducting mining operations for BitcoinBlockchain as well. When the mining facility will be put in place in Rivne, it is expected that Bitfury would shift its mining operations to this facility.

The business deal between Kyiv and Energoatom was under discussion since May 2020. Back in May-June, Ukraine’s Energy Ministry also requested Energoatom to conduct a feasibility study of a crypto mining facility at the nuclear power plant. However, the deal has now come true, when the Ukrainian Government has announced that the facility will be constructed by Kyiv.

In 2019 rumors surfaced suggesting that there were illegal mining facilities found at various nuclear power plants. The revelation was made by the Security Service of Ukraine which also sized mining equipment from illegal miners as well. Later on, similar illegal mining facilities were also found in the southern parts of the country.

Similarly, the miners in southern parts were also found using nuclear power plants for executing their mining operations. But the Government machinery came into action and launched a full-fledged operation against illegal miners. At that time the Government alleged that anyone found involved in such activities will be seen as traitors. A warning was then issued that illegal miners were breaching state secrets and therefore will be treated strictly in accordance with law.

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