Ukraine Government To Convert Nuclear Power Plant Into Mining Data Centre

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Ukraine Government to build mining data centre on nuclear power plant

Ukraine Government To Convert Nuclear Power Plant Into Mining Data Centre

The Ukraine government is to convert one of its four nuclear power plants into a huge cryptocurrency mining data centre.

The Rivne Nuclear Power Plant, in Varash, Rivne Oblast will host the mining data centre, which is expected to be ready by August 2022.

The national governing body of the country’s nuclear power plants – Energoatom chose Kyiv Energy Construction Company to build the plant, which has a 2,657 megawatts capacity.

The official document is vague and there are no contract details as yet, but it’s clear the Ukrainian government see the cryptocurrency mining industry as a way to create value from its abundance of energy resources.

Bitcoin mining data center

Ukraine has four nuclear power plants, and last year the Ministry of Energy of Ukraine instructed Energoatom to look into the capabilities of converting the nuclear plants into cryptocurrency mining data centres.

Then in October 2020, Energoatom signed a memorandum with a subsidiary of Bitcoin mining firm Bitfury, which has led speculation that Bitfury could move some of its mining hashpower to the Ukrainian plant.

Ukraine Government Following Other Governments

The news that the Ukraine government is to convert its nuclear energy plant into a mining data centre comes just weeks after news the Pakistan government was funding two Bitcoin mining data centres.

Bitcoin Maximalist reported earlier this month, the two data centres are to be built in the Khyber Pakhtunkhwa (KP) province after the Pakistan government did a complete about turn.

Bitcoin Maximalist Shop

Bitcoin and cryptocurrency trading and mining was illegal in Pakistan until December 2020, but the KP assembly legalised both in order to pass legislation for the construction of the mining farms.

Iran has also sanctioned the construction of a huge mining farm in the country. The Iranian government officially backed the farm, which will host 96,000 TH/s hashrate, making it one of the biggest mining data centres in the world.

Iran is the sixth biggest contributor to the Bitcoin hashrate, and with the country’s inability to trade due to US imposed sanctions, it’s not surprising the government is making use of its resources.

Venezulea is another country crippled by US sanctions and the government there is also making use of its resources by mining Bitcoin.

Bitcoin Maximalist reported last year, the Venezuelan military created its own Bitcoin mining farm, with the backing of the government regulator, Sunacrip.

The Bitcoin mining farm was assembled by the army, which says will help generate ‘unblockcable income’ to get around US sanctions.

Bitcoin mining is a great way for Ukraine government to utilise its abundance of cheap energy

Ukraine, Pakistan, Iran, Venezuela… Slowly At First Then All At Once

The news that the Ukraine government is converting a nuclear power plant into a mining data centre comes as no surprise. 

Why wouldn’t they? Turning energy into value makes absolute sense, and it’s just surprising it has taken this long.

Iran was the first government to officially licence a mining facility. Venezuela and Pakistan shortly followed, and with Ukraine now taking advantage of its cheap energy, it’s only a matter of time before more announcements.

The US and Canada has an abundance of cheap energy and many private and publicly traded firms there are racing to build mining data centres.

How long will it be before we see the big energy firms BP, Exxon and Chevron announce they are utilising their technology to mine Bitcoin?

Author: Tommy Limpitlaw 

Paxful Bitcoin marketplace

Bitcoin FAQs

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How long does it take to mine 1 Bitcoin?

On average, the time it takes for miners to mine BTC is 10 minutes. But they don’t just mine 1 BTC. Mined Bitcoins are created with every new block and these produce the Bitcoin block reward which at the moment is 6.25 BTC, so you could say it takes less than 2 minutes to mine each Bitcoin.

How much does it cost to mine 1 Bitcoin?

There is no exact science for the cost of mining a bitcoin, because the price will change every two weeks maximum. This is because there’s a Difficulty Adjustment that ensures it takes about 10 minutes to mine a block. And with other costs, such as your mining equipment, electricity, and other costs, it’s estimated that the average price to mine a bitcoin is around $12,500.

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