Belarusian President Urges Government To Mine Cryptocurrency

Alexander Lukashenko, the president of Belarus, wants the country’s back-up electricity to go to federal bitcoin mining.

According to RBC Daily, President Lukashenko revealed his idea at the inauguration of the Petrikovsky mining and processing plant. He wants the nation to build more greenhouses and find active uses for electricity. One of the uses you mentioned is cryptocurrency mining. “We have a lot of sites here at Petrik, we created something about electricity, in the end, we started mining cryptocurrencies.”

Petrikovsky plant is one of the largest investment projects in Belaruskali, funded by the state. company is one of the largest exporters of potash fertilizers in the world.

president also said that Belarus has enough energy resources to power a national cryptocurrency mining industry like China did. Lukashenko added: “We have to understand, they are not waiting for us anywhere.” president expects an increase in mining activity in the country rather than an exodus of cryptocurrency companies.

66-year-old president, in power since 1994, has shown support for cryptocurrency mining in the past. Lukashenko also mentioned bitcoin mining in 2019. In that case he referred to excess nuclear power for bitcoin mining. “Wait until you bring the nuclear power plant and use the excess energy. We will make room to build mining farms. And we will mine these bitcoins and sell them. ” comments were met with laughter from the crowd, but the president clearly stands by his opinion on cryptocurrency mining.

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In Belarus, cryptocurrencies have been legal since the digital economy decree was passed in 2017. Furthermore, the industry is currently tax-exempt and allows citizens to exchange cryptocurrencies for fiat money without the need for a tax return.

Cryptocurrency mining and environmental concerns

President Lukashenko’s remarks come at a time of great change in the world of cryptocurrency mining. China previously had the highest numbers in terms of cryptocurrency mining. However, recent reports suggest that over 75%, the nation has basically banned cryptocurrency mining due to the massive power consumption it requires. This sent shockwaves through the industry as many scrambled to find new homes for their operations.

It would seem that, unlike other places like Kazakhstan and the United States, Belarus would rather establish its own mining industry rather than become a new hub for foreign miners to open a business.

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