Belarus is making moves to get into the crypto mining game — and it's banking on its extra electricity to make it happen. President Alexander Lukashenko recently told the country's new Energy Minister Alexei Kushnarenko to look into using surplus energy to power crypto mining operations, reported CryptoNinjas.
"If it is profitable for us, let's do it. We have excess electricity. Let them make this cryptocurrency and so on," Lukashenko said, according to state news agency BelTA.
With some of the lowest electricity prices in Europe, Belarus sees an opportunity to position itself as a major player in the crypto-mining space. The government has already been in talks with investors, and officials like former Deputy Energy Minister Denis Moroz have confirmed that discussions with mining companies are already happening.
Lukashenko is also prioritizing infrastructure improvements, looking to upgrade the country's 5,700-kilometer power grid (roughly 3,542 miles) to meet growing energy demands.
While Belarus sees crypto mining as an economic win, the industry's environmental impact is a growing concern. Crypto mining is notorious for its energy consumption, with the bitcoin network alone using more electricity annually than some entire countries. While an increasing percentage of that comes from renewable sources like hydroelectricity or from excess energy generation, the energy needs are undeniably high.
The International Monetary Fund estimates that crypto mining could account for 0.7% of global carbon pollution by 2027. If Belarus relies on dirty energy sources like gas, oil, or coal for this expansion and scales up to do it rather than using truly surplus energy, it could significantly increase its carbon footprint.
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Other countries have leaned into greener crypto mining methods: Bhutan, for example, taps into hydropower, and El Salvador uses geothermal energy, according to CoinDesk. But Belarus hasn't clarified whether its surplus electricity comes from renewable sources or dirty fuels. Given that much of its power grid is linked to natural gas, according to the International Energy Agency, this could pose a major problem for sustainability.
Lukashenko has pointed to the U.S. as an example, noting its increasing acceptance of crypto and the potential for national reserves of digital currency.
"You see the path the world is going. And especially the largest economy in the world. They announced … that they will keep cryptocurrency in reserve," he said, per CryptoNinjas.
But Belarus faces unique challenges. Investors worry about political instability and the potential for international sanctions, which could make the country a risky bet for long-term crypto operations. The legal framework around mining is also unclear — without solid regulations, uncertainty could drive away companies looking for stable business ventures.
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Belarus' plan to turn excess electricity into a profitable crypto-mining industry is bold, but there are big questions to answer. Will the government prioritize renewable energy, or will this lead to even more pollution? And with ongoing geopolitical risks, will international investors see Belarus as a safe place to mine?
For now, Lukashenko seems determined to push forward, but the success of this initiative will depend on more than just cheap power — it'll require balancing economic ambitions with climate responsibility.
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