The President of Belarus orders the development of the sector: the country aims to leverage low energy costs to become a mining hub.
On March 4, during a government meeting, Belarusian President Alexander Lukashenko instructed the new Minister of Energy, Alexei Kushnarenko, to develop the Bitcoin mining industry in the country.
According to the state news agency BelTA, Lukashenko stated:
“Let’s analyze this mining. If it is profitable for us, let’s do it. We have excess electricity.”
This move is part of a broader plan to modernize the national electricity grid, spanning 5,700 kilometers.
The decision appears to have been influenced by the United States, which has announced its ambition to become the “world capital of cryptocurrencies” by creating a strategic reserve in Bitcoin, Ether, and other altcoins. The Belarusian President remarked:
“You see the direction the world is going. And especially the largest economy in the world. Yesterday they announced that they will keep [cryptocurrency] in reserve.”
Belarus offers particularly favorable conditions for mining:
- It ranks among the three European countries with the lowest electricity costs, according to government data.
- It has a significant energy surplus.
- It has already attracted interest from potential investors in the sector, according to statements from the Ministry of Energy.
According to former Deputy Minister of Energy Denis Moroz, preliminary consultations are already underway with investors interested in establishing mining operations in the country.
