The Ukrainian government recently passed a law to legalize Bitcoin with an almost unanimous decision of 270 lawmakers voting to implement, and only 6 against the law. The possible primary reason for the huge landslide vote is that the people of Ukraine are not currently happy with their current system.
However, there is another possibility that has pushed for mainstream adoption. That is because the country has huge reserves of energy which could help attract BTC miners to the country, expanding their economy.
Where is the Power to Mine Bitcoin Coming From?
There is no secret behind Ukraine using nuclear power generation. With four active nuclear power plants and a combined fifteen nuclear units capable of producing close to 14-thousand megawatts in electrical power, all of which are only running at around 50% capacity, that is enough reason to target miners.
However, including their thermal generators and hydropower plants, Ukraine can produce massive amounts of energy that they are simply not using.
Why Would Ukraine Want to Mine Bitcoin?
The close ties between Russia and Ukraine are far from amicable. With war “a possibility“, Bitcoin could reduce the requirement for Russian nuclear fuel as they would be in a position to buy from American Westinghouse Electric Company instead.
Another Country Going Dual-Tender?
Alongside the possible alleviation of political tension, the vast spread of possible mining sites could help the country increase its GDP as a supplement to the hryvnia. Furthermore, there may even be a possibility of discontinuing the hryvnia altogether and using Bitcoin as the primary currency.
This move could make Ukraine the second country in the world after El Salvador to implement BTC as a primary currency. However, it is not known if the two presidents (Volodymyr Zelensky of Ukraine and Nayib Bukele of El Salvador), have spoken or not.