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- President Alexander Lukashenko has instructed the Energy Minister to develop the country’s crypto-mining industry and utilize the nation’s energy surplus.
- This shift toward crypto adoption is being led by U.S. President Donald Trump, who recently announced the inclusion of Bitcoin, Ethereum, and other altcoins in the crypto reserve.
Belarus is making a move toward cryptocurrency adoption as President Alexander Lukashenko has officially instructed his Energy Minister, Alexei Kushnarenko, to begin developing the country’s crypto mining industry. This directive, reported by Belarusian media outlet Belta on March 4, underscores Lukashenko’s vision of leveraging the country’s energy resources to participate actively in the growing digital economy.
While addressing Minister Kushnarenko, Lukashenko emphasized the need to embrace crypto mining, citing its potential economic benefits. He stated, “We must respond to people’s requests. It’s the future. Besides, more and more people are approaching me about mining. If it’s profitable for us, let’s do it. We have access to electricity, let them make this cryptocurrency.”
Lukashenko highlighted a global shift in financial strategies, noting that major economies, including the United States, are beginning to hold cryptocurrency reserves, increasing demand for digital assets. He suggested that rather than solely attracting investors and selling electricity to them, Belarus should take the initiative to develop its own mining operations. With proposals already on the table, he expressed confidence that the necessary bureaucratic hurdles would be overcome to move forward, emphasizing the importance of national security in the process.
The decision to explore crypto mining comes shortly after Lukashenko’s new government took office, with one of its key priorities being the modernization of the country’s 5,700-kilometer power grid.
Why Belarus Is Well-Positioned for Crypto Mining
Belarus has a strategic advantage when it comes to cryptocurrency mining due to its low electricity costs compared to the rest of Europe. The country ranks among the top three most affordable nations in Europe in terms of electricity prices.
A key factor in this low energy cost is the Belarusian Nuclear Power Plant, also known as the Astravets Nuclear Power Plant, whose first unit came online in June 2021. However, despite this energy surplus, Belarus has traditionally relied on imported gas to meet much of its power needs.
Crypto mining has proven to be a lucrative industry worldwide. A study by The Perryman Group revealed that the crypto sector has contributed over 31,000 jobs and generates more than $4.1 billion annually in gross economic output in the United States alone. Looking ahead, revenue from cryptocurrencies in Belarus is expected to reach $15.7 million in 2025, with the number of users projected to hit 445,000.
Lukashenko’s push for state-backed mining operations suggests that Belarus aims to capitalize on this expanding market rather than relying solely on foreign investors. This development comes as the U.S. government considers establishing a national strategic crypto reserve. Recently, the President confirmed that the reserve could include major cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Ripple (XRP), and Cardano (ADA). This initiative is part of a broader strategy to strengthen the nation’s position as the Crypto Capital of the World.
