- Belarus President Aleksandr Lukashenko has expressed interest in cryptocurrency mining, citing the country’s excess electricity production.
- Lukashenko referenced the U.S. government’s recent exploration of creating a national strategic crypto reserve as motivation for Belarus to potentially enter the mining space.
- Other nations like Bhutan and El salvador have already established cryptocurrency mining operations using renewable energy sources.
Aleksandr Lukashenko, the President of Belarus, has indicated the Eastern European nation may venture into cryptocurrency mining, leveraging its surplus electricity resources. The statement came during a meeting with the country’s new energy minister, Alexei Kushnarenko, as Belarus considers following other nations in leveraging state resources for digital asset production.
“Look at this mining. More and more people are turning to me. If it is profitable for us, let’s do it. We have excess electricity. Let them make this cryptocurrency and so on,” Lukashenko stated, according to Belarusian media outlet Belta.
The Belarusian leader’s interest appears partly motivated by recent developments in the United States, where officials are examining the possibility of establishing a national strategic cryptocurrency reserve. This potential U.S. reserve could include major digital currencies like Bitcoin (BTC), ether (ETH), solana (SOL), Ripple (XRP), and Cardano (ADA).
“You see the path the world is going. And especially the largest economy in the world. They announced yesterday that they will keep [a crypto] reserve,” Lukashenko said, adding, “Therefore, there will be demand for them. Well, maybe we should do it ourselves.”
Belarus wouldn’t be pioneering national cryptocurrency mining. The Kingdom of Bhutan has already established substantial bitcoin mining infrastructure powered by its abundant hydroelectric resources. Bhutan currently operates more than 100 megawatts (MW) of bitcoin mining capacity with plans to expand by an additional 500MW. According to Arkham Intelligence, the country now holds approximately $950 million in bitcoin.
Similarly, El Salvador has implemented smaller-scale bitcoin mining operations using geothermal energy from its volcanic activity. These examples demonstrate how countries with excess renewable energy capacity can potentially monetize these resources through cryptocurrency mining operations.
Mining cryptocurrencies involves using specialized computer hardware to validate transactions and secure blockchain networks through a process that consumes significant electrical power. Nations with energy surpluses may view mining as an opportunity to convert excess capacity into digital assets that can be held as reserves or converted to traditional currency.
AI-generated image: President Lukashenko discussing Belarus’s potential entry into cryptocurrency mining during an official meeting.
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