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NewsTechExcess Power Produced By Nuclear Plants in Ukraine to Be Used for Digital Currency Processing
NewsTechExcess Power Produced By Nuclear Plants in Ukraine to Be Used for Digital Currency Processing
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Excess Power Produced By Nuclear Plants in Ukraine to Be Used for Digital Currency Processing
Digital currencies have come to stay and governments worldwide are finding means to adopt them for various reasons. Some are seeing digital currency transaction processing as an activity that is likely to pay off in the future.
In recent times, Ukraine’s Ministry of Energy and Environment recommended the utilization of the excess power produced by nuclear power plants for processing digital currency in the country.
Currently, there is production of excess energy by power plants in the country because COVID-19 pandemic is making several locations that would otherwise be utilizing the energy to close down.
The ministry considers digital currency transaction processing as an activity capable of driving social and economic development. It noted that the utilization of excess electricity for cryptocurrencies is among the modern tools, and it will allow enterprises to attract additional funds. That is, it paves the way for new economies, new approaches, and new market systems, said the ministry.
A guaranteed amount of power is produced by the nuclear power plants in the country every month. Nevertheless, due to indefinite closure of several locations because of coronavirus, the electricity that the power plants normally send to these locations is not in use.
This is why the government recommends using this excess energy from nuclear power plants for digital currency networks, as they may create new revenues, and possibly pave the way for a new economy and market within the country.
Some time ago, the government of Iran announced its support for digital currency transaction processing. In recent times, the government of Iran licensed a Turkish company iMiner for the largest digital currency processing operation in the country.
Governments are motivating firms by offering the infrastructure for processing digital currencies. They are offering their resources to digital currency networks because they believe it will be profitable. At least, they can generate revenue for some parties involved such as power producers.
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