Belarus Sets Sights on Crypto Mining Amid Excess Energy Supply

Belarusian President Directs Officials to Prioritize Energy Infrastructure and Crypto Mining

Belarusian President Aleksandr Lukashenko has instructed newly appointed officials to focus on upgrading the country’s energy infrastructure and exploring domestic cryptocurrency mining opportunities. The move comes as Belarus faces an excess electricity supply and rising global demand for digital assets.

Improving Energy Infrastructure

Lukashenko emphasized the need to modernize Belarus’ power grid, specifically targeting 5,700km of networks crucial for homes and electric vehicles. He noted that while high-voltage infrastructure is stable, other areas require reinforcement to prevent outages, such as those experienced in the Gomel Region after recent storms. The government aims to ensure reliable electricity for 1,500 settlements.

Crypto Mining: A Growing Opportunity

This pro-crypto mining sentiment is not new in Belarus. In 2021, the country’s Energy Minister, Viktor Karankevich, confirmed that the government was exploring the potential of using its excess energy supply for crypto mining. A detailed study was reportedly conducted to assess the feasibility and risks of mining, drawing inspiration from the success of mining industries in countries like China, the USA, Canada, and Russia.

Expanding Electricity Use for Heating and Crypto Mining

Lukashenko also advocated for greater use of electricity for heating and hot water, citing plans for a second nuclear power station. This long-term strategy aims to meet public demand and provide a sustainable energy future for Belarus. The President suggested that the country could either attract investors to mine cryptocurrency or establish state-backed mining operations, asking officials to streamline regulations and propose actionable plans.

Tips for Investors:

  • Keep an eye on Belarus’ energy infrastructure developments and their potential impact on crypto mining opportunities.
  • Monitor global demand for digital assets and their potential effect on the country’s energy supply.
  • Stay informed about regulatory changes and proposals that may affect crypto mining in Belarus.

For more news on cryptocurrency and investing, visit Global Crypto News.

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