Ukraine is gearing up to transition to a fully digitized economy and deem bitcoin as legal tender. The cryptocurrency mining space has interesting implications for Ukraine’s energy sector as Ukraine produces almost half of its electricity through 15 nuclear reactors. The state-run firm that operates the country’s nuclear power plants – NAEC Energoatom – posted losses of over $170 million USD in 2020. Bitcoin mining provides an opportunity to correct the inefficiencies of the sector while producing weatlh for the country. This gives Ukraine’s energy sector some life to emerge from a black hole. The The government could mine bitcoin and hold it within its reserves, or take the mined bitcoin and deposit it into an account for every citizen, or sell it to boost the national GDP.
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