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Belarus’ President wants his government to mine cryptocurrency

Dmitry Astakhov/Pool/AFP via Getty Images

According to RBC newspaper, Belarusian President Alexander Lukashenko has called on the government to mine cryptocurrencies using spare energy infrastructure, rather than moving abroad to pursue low-paying agricultural jobs. He wants the nation to build more greenhouses and find active uses for electricity. One of the uses he mentioned is cryptocurrency mining.

"We have a lot of sites here in Petrik, create something on electricity, in the end, start mining the cryptocurrency."

Lukashenko stated:

"We must understand, they are not waiting for us anywhere [...] Build something based on electricity. After all, start mining cryptocurrencies or whatever it's called. There is enough electricity in the country."

President Lukashenko's statements come at a time of great change in the world of cryptocurrency mining. Previously China held the highest numbers in terms of cryptocurrency mining, however after China's mining ban due to the massive energy consumption it requires, many miners located in China, consequently had to move to other countries.

This then could be the perfect timing to incentivize National cryptocurrency mining in Belarus, and I repeat National because it would seem that unlike other places like Kazakhstan and the United States, Belarus would rather create its own mining industry instead of becoming a new hub for foreign miners to set up store.