Belarusian President Alexander Lukashenko has directed his government to accelerate the development of the nation’s cryptocurrency mining sector, following a growing interest from international investors and an abundance of surplus electricity.
In a statement reported by the state-run media agency BelTA, Lukashenko emphasized to the new Minister of Energy, Alexei Kushnarenko, that the country’s surplus electricity should be harnessed for crypto mining. Lukashenko encouraged the government to explore mining as a potentially profitable venture, highlighting the importance of staying attuned to global trends.
“Look into crypto mining. More people are discussing this with me. If it’s profitable for us, let’s do it. We have excess electricity. Let miners use it to mine cryptocurrency,” said Lukashenko.
Growing Global Interest in Belarus for Crypto Mining
This directive follows a statement made at the end of 2024 by the Deputy Energy Minister, who revealed that international investors were showing strong interest in crypto mining opportunities in Belarus.
Lukashenko urged his government to monitor developments in major global markets, including the United States, where President Donald Trump recently proposed creating a national reserve for Bitcoin (BTC) and other cryptocurrencies. Lukashenko referenced the announcement, suggesting that as demand for cryptoassets grows, Belarus should consider getting involved in this space.
“We can see the direction the world is heading, especially the largest economy in the world. [Washington] announced it will hold cryptoasset reserves. As demand increases, maybe we should get involved ourselves,” Lukashenko remarked.
Potential for a Belarus National Crypto Reserve
In addition to supporting the development of mining, Lukashenko hinted at the possibility of Belarus creating its own national crypto reserve, following in the footsteps of countries like the U.S.
“Why are we attracting investors and selling them electricity? I do not rule out the possibility of doing it ourselves. The government should move through the bureaucracy and make recommendations on what needs to be done,” he added.
Energy Boost and Attracting Foreign Investment
Belarus has already made moves to position itself as an attractive destination for crypto miners, particularly through its Hi-Tech Park in Minsk, which has previously hosted crypto-related businesses. However, the country has faced challenges with electricity supply, a crucial factor for the energy-intensive process of mining cryptocurrencies.
The issue of power availability has been addressed with the completion of the Belarusian Nuclear Power Plant (Astravets Nuclear Power Plant). The first unit of the plant went online in June 2021, and the second unit began operations in November 2023, increasing Belarus’ energy capacity to 2400 MW. This energy boost, alongside newly established incentivized electricity tariffs, has positioned the country to attract international miners, including investors from Russia and China who have shown interest in backing local crypto mining ventures.
With the new nuclear power capacity and growing interest from foreign investors, Belarus seems poised to play an increasingly significant role in the global crypto mining space.
