- Belarusian President Alexander Lukashenko has directed the country’s energy minister to develop cryptocurrency mining initiatives to capitalize on excess electricity.
- Belarus boasts some of Europe‘s lowest electricity costs, making it an attractive destination for crypto mining operations.
- Lukashenko cited the United States and Trump’s pro-crypto stance as inspiration for Belarus’ potential entry into the mining sector.
Alexander Lukashenko, President of Belarus, has instructed his newly appointed energy minister to begin developing cryptocurrency mining operations within the country, seeking to leverage Belarus’ excess energy capacity as a revenue-generating opportunity.
According to local media outlet BelTA, Lukashenko directed Energy Minister Alexei Kushnarenko on March 4 to explore mining possibilities, stating: “Look at this mining. If it is profitable for us, let’s do it. We have excess electricity. Let them make this cryptocurrency and so on.”
The Belarusian leader explicitly referenced developments in the United States as motivation for exploring this sector. “You see the path the world is going. And especially the largest economy in the world. They announced yesterday that they will keep [cryptocurrency] in reserve,” Lukashenko noted, alluding to President Trump’s plans to establish a national cryptocurrency reserve comprising Bitcoin, Ethereum, and other digital assets.
Belarus’ potential mining initiative aligns with Lukashenko’s recently announced infrastructure priorities. During the formation of his new government, the president emphasized the importance of upgrading the country’s 5,700-kilometer power grid to accommodate increasing electricity demands from both residential and industrial sectors.
Competitive Advantage in Energy Costs
Belarus possesses a significant competitive advantage for cryptocurrency mining operations – affordable electricity. According to government sources, the country ranks among Europe’s three most cost-effective nations for electricity pricing, a crucial factor in mining profitability.
This cost advantage has already attracted interest from potential mining investors. In December, the Belarusian Ministry of Energy reported significant investor interest in establishing mining operations within the country. Former Deputy Energy Minister Denis Moroz confirmed that government officials have conducted preliminary consultations with investors exploring Belarus as a potential mining hub.
Mining Sector Challenges in 2025
While Belarus positions itself to enter the cryptocurrency mining sector, the industry faces evolving challenges. Despite remaining generally profitable in 2025, mining operations contend with compressed margins due to energy costs, hardware efficiency requirements, and regulatory considerations.
Market volatility also impacts profitability, as sustained price decreases in mined cryptocurrencies can significantly affect returns. Belarus’ favorable energy cost structure could potentially provide miners operating in the country with a competitive edge against these industry-wide pressures.
The Belarusian government’s interest in cryptocurrency mining represents a strategic economic diversification effort, potentially transforming the country’s energy surplus into a financial asset through digital currency production.
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