Here's an unexpected twist in geopolitics: the United States has reportedly floated the idea of turning Ukraine's Zaporizhzhia nuclear power plant into a cryptocurrency mining operation as part of peace negotiations with Russia.

The Nuclear Power Play

Zaporizhzhia isn't just any facility. It's Europe's largest nuclear power plant and was once essential to Ukraine's electricity grid and regional energy security. Russia has controlled it since 2022, and that control remains a major sticking point.

According to Russian news outlet Kommersant, the crypto mining proposal is still highly uncertain, tangled up in unresolved disputes over who actually runs the place and whether it's even safe to operate.

Multiple competing frameworks are reportedly on the table. Russia claims it's discussed joint management with the U.S. that would completely exclude Ukraine. Meanwhile, the U.S. has suggested a trilateral structure involving all three parties. Ukraine, for its part, wants a joint U.S.-Ukraine venture. So far, no one has agreed to anything.

These discussions are happening alongside broader U.S.-led ceasefire efforts, with Washington and Kyiv reportedly moving closer to a potential peace framework while Moscow shows limited interest in compromise.

Why This Matters for Crypto

If mining operations move overseas to places like Ukraine, it could reduce U.S. bitcoin production. That directly contradicts President Donald Trump's earlier pledge to ensure bitcoin is "mined, minted and made in the U.S."

Ironically, bitcoin mining stocks are having a banner year. The CoinShares Bitcoin Mining ETF (WGMI) is up about 90% despite Bitcoin itself erasing all its 2025 gains. The ETF holds companies like Cipher Mining (CIFR) and IREN, which have rallied following long-term infrastructure deals with tech giants including Amazon and Microsoft.