Belarus is recently accelerating the layout of the cryptocurrency mining industry, a decision closely related to its energy resource advantages and global cryptocurrency strategic trends. Here are the key points:
1. Policy Promotion and Energy Advantages
Belarusian President Alexander Lukashenko clearly instructed Energy Minister Alexey Kushnaryov on March 4, 2025, to study the feasibility of cryptocurrency mining, aiming to utilize the country's surplus nuclear power resources to create economic benefits. Belarus has cheap electricity due to the completion of the Grodno Nuclear Power Plant, with electricity costs being only a small fraction of the European average, attracting international miners and capital influx. In addition, the country has legalized cryptocurrency mining as early as 2018 through a presidential decree and provided tax incentives, laying a policy foundation for industry development.
2. Global Trends and Geopolitical Considerations
Belarus's decision is inspired by the cryptocurrency strategies of countries like the United States. For instance, the U.S. plans to establish a strategic reserve that includes assets like Bitcoin and Ethereum, while Belarus aims to achieve 'monetization of electricity' through the mining industry and bypass economic sanctions. Meanwhile, countries like Bhutan and El Salvador have accumulated experience through hydropower or geothermal mining, and Belarus hopes to leverage its nuclear power advantage to become a regional mining center.
3. Infrastructure and Economic Impact
Belarus is investing in the modernization of a 5,700-kilometer power grid to balance household electricity and the electricity demand of the mining industry. Despite facing challenges such as cryptocurrency price volatility, hardware efficiency, and regulatory compliance, low energy costs and government support provide the industry with potential profit margins. In the long term, the mining industry is expected to promote economic diversification in Belarus and enhance its position in the global cryptocurrency computing power landscape.
In summary, Belarus is trying to secure a place in the cryptocurrency mining field by integrating energy, policy, and geopolitical strategy, but its success will depend on the progress of grid upgrades, the international regulatory environment, and market dynamics.
