**Belarusian President Explores Cryptocurrency Mining with Excess Energy**
Belarusian President Alexander Lukashenko has expressed interest in utilizing surplus energy from the national grid for cryptocurrency mining and establishing a national reserve. “Look at this mining,” Lukashenko remarked, “More and more people are turning to me. If it is profitable for us, let’s do it. We have excess electricity. Let them make this cryptocurrency and so on.” The country currently enjoys an excess energy supply, a result of the recent upgrade to its nuclear power plant, which added a second power unit in May 2023. Additionally, Belarus is contemplating the construction of a second nuclear power plant.
Shortly after forming his new government, Lukashenko began exploring avenues for cryptocurrency mining using this surplus energy. A key focus for his administration is optimizing the nation’s extensive 5,700-kilometre power grid. “The most important thing,” he stated, “is to upgrade the power grid infrastructure, taking into account the growing demand for electricity from households and the economy.”
Belarus could take inspiration from the Kingdom of Bhutan, which has successfully harnessed its excess hydropower for Bitcoin mining, dedicating 100 megawatts to the endeavor and considering an additional 500 megawatts to enhance its mining capabilities. Currently, the Belarusian government holds a Bitcoin reserve valued at approximately $1 billion.
Viktor Karankevich, the former energy minister, noted in December 2023 that cryptocurrency mining has gained significant traction in Belarus, with a surge in interest from Chinese and Russian mining enterprises. He assured that the Belarus power grid is robust enough to accommodate this increased demand.
Lukashenko also referenced recent developments in the United States regarding cryptocurrency, particularly President Trump’s establishment of a new crypto reserve and initiatives to bolster the mining sector. “Moreover, you see the path the world is going, especially the largest economy in the world. They announced yesterday that they will keep in reserve,” Lukashenko pointed out. “Therefore, there will be demand for them. Well, maybe we should do it ourselves. We can attract some investors, sell them electricity, although I do not rule it out. But we need to do it ourselves. There are such proposals. I think that you will step over this bureaucracy and report what needs to be done.”
Environmental researcher Daniel Batton argues that Bitcoin mining can enhance the sustainability of the energy sector. After reviewing scientific literature on the subject, he concludes that Bitcoin mining presents opportunities to increase the adoption of green energy methods and reduce the carbon footprint of energy companies, particularly when it utilizes excess energy from the grid.
However, the ongoing war in Ukraine has impeded foreign investment in Belarus’ cryptocurrency mining sector. Lukashenko, a close ally of Russia’s Vladimir Putin, has faced sanctions imposed by Western nations against both Russia and Belarus. The first nuclear plant in Belarus commenced operations in June 2021, contributing to the country’s energy abundance.
