President Alexander Lukashenko has ordered the Belarusian government to accelerate crypto mining operations, leveraging the nation’s excess electricity. The move signals Minsk’s ambition to capitalise on booming digital asset markets and potentially establish state-held crypto reserves.
Lukashenko Directs Energy Surplus Toward Crypto Mining
Lukashenko instructed new Energy Minister Alexei Kushnarenko to prioritise crypto mining during a March 4 meeting. “We have excess electricity; let miners use it,” he declared, per state media BelTA.
The President emphasised profitability, urging officials to align with global trends. His directive follows rising investor interest, highlighted by Deputy Energy Minister Denis Moroz in late 2024. Meanwhile, Belarus nuclear power expansion now enables energy-rich mining opportunities.
U.S. Crypto Strategy Influences Belarus Ambitions
Lukashenko cited U.S. plans to create a Bitcoin reserve under President Donald Trump as inspiration. “The largest economy is hoarding crypto; we must consider this,” he stated.
Additionally, he tasked ministers with monitoring global regulatory shifts. By mirroring Washington’s approach, Belarus aims to position itself as a competitive player. Consequently, Minsk could explore national crypto reserves, though details remain undefined.
Nuclear Power Plant Fuels Mining Expansion
The Astravets Nuclear Power Plant, operational since 2021, now provides 2,400 MW of electricity, which is double its 2023 capacity. This surplus allows incentivised energy tariffs for miners.
Previously, power shortages hindered the Belarus crypto sector. However, officials claim upgraded infrastructure resolves this. “Cheap energy makes us a top European mining destination,” a government source noted. Russian and Chinese investors already eye partnerships.
International Investors Flock to Belarusian Projects
Russian media reports confirm surging foreign interest in Belarus-based mining ventures. “Investors see potential here,” Moroz remarked in December 2024.
Moreover, Minsk’s Hi-Tech Park, a former crypto hub, could regain prominence. The government plans streamlined regulations to attract capital. Conversely, analysts warn global market volatility may impact long-term gains.
Upgrading Infrastructure for Sustainable Growth
Lukashenko prioritised modernising Belarus 5,700-kilometre power grid alongside mining expansion. “Household and industrial energy demands are rising,” he stressed.
Officials now aim to balance mining profitability with infrastructure costs. Energy-efficient hardware and competitive tariffs remain focal points. Nevertheless, fluctuating crypto prices in 2025 challenge revenue projections.
National Crypto Reserves
The President hinted at creating a state-controlled crypto reserve, akin to traditional forex holdings. “Why sell electricity to outsiders? Let’s mine ourselves,” he argued.
While specifics are pending, the proposal aligns with global central banks digital asset experiments. Officials must now evaluate fiscal risks. “We’ll navigate bureaucracy and act swiftly,” Lukashenko concluded.
Belarus Crypto Crossroads
As Belarus pivots toward crypto mining, its energy surplus and nuclear capacity offer unique advantages. Yet, market unpredictability and regulatory hurdles loom. By blending U.S. inspired strategies with homegrown infrastructure, Minsk could emerge as an unlikely crypto contender, if execution matches ambition.
