Ukraine's Ministry of Energy announced they would be considering Cryptocurrency Mining to offset Energy Surplus

Once governments around the world start mining bitcoin, there is no way it will be outlawed.

The existential threat is basically removed.

This is basically where we are starting to get to with the latest news out of Ukraine...

According to a news article out this morning, the Ministry of Energy is contemplating mining cryptocurrency as a plan to use up excess energy being produced currently.

The announcement can be seen here:

https://www.fxstreet.com/cryptocurrencies/news/ukraine-considers-using-nuclear-plants-for-cryptocurrency-mining-202005061108

It sounds like this is a lot more than just a pie in the sky dream...

According to the release, the Ministry of Energy has asked for plans on how to implement cryptocurrency mining in order to offset the energy glut by May 8th.

Which means, they want to move forward with this ASAP.

Here was their quote talking about why cryptocurrency mining makes sense:

“There is a way to transfer this ‘liability’ into an ‘asset’. One of the modern approaches for using excess electricity is to devote it to cryptocurrency mining. That would not only allow to maintain the guaranteed load on the nuclear power plants, but also ensure that companies can attract extra funds. Therefore, it would open the way to a fundamentally new economy, new approaches, a new market model.”

(Source: https://www.fxstreet.com/cryptocurrencies/news/ukraine-considers-using-nuclear-plants-for-cryptocurrency-mining-202005061108)

Turning a liability into an asset? Hmm... that either sounds like a quote right out of Enron, or something that is legitimately going to change the world from an energy company standpoint.

Potentially the start of something very big...

If governments start turning to mining bitcoin and crypto in order to offset producing excess energy, it will legitimize the bitcoin/crypto industry almost in a way not much else could.

We have seen private companies turn to bitcoin mining in the past, but from everything I have seen, this is the first time a government has proposed mining bitcoin/cryptocurrency.

I would imagine that even if Ukraine doesn't ultimately go this route, some other countries will.

And as they do, the risk of bitcoin being outlawed goes lower and lower and lower.

You can say what you want, but that has always been an existential threat to bitcoin. Yes it is almost impossible to completely eliminate bitcoin, but, if there were coordinated efforts from governments around the world to ban bitcoin, they could do a heck of a lot of damage, especially to the price.

With news like this, I think the odds of that becomes less and less.

Which means investors should start feeling more and more comfortable than ever before investing some of their portfolio into bitcoin and crypto.

And as that starts happening, the price of bitcoin will have no where else to go but up.

Hopefully pulling our favorite altcoins up with it.

Stay informed my friends.

Image Source:

https://thecryptocurrencypost.net/ukraines-nuclear-station-to-give-bitcoin-miners-electricity/

-Doc