ZoneBitcoin EditorialEastern European country Belarus is seriously considering bitcoin and cryptocurrency mining to cash in on its surplus electricity. The move, recently announced by President Alexander Lukashenko, marks a turning point in the country's energy and economic policy.
During his meeting with the Minister of Energy, President Lukashenko said: “Look at the topic of mining. If it is profitable for us, let’s do it. We have a surplus of electricity. Let them produce these cryptocurrencies and everything else with it.”
Like more and more countries, Belarus sees this as an opportunity to monetize its excess energy resources. This decision raises many questions about the economic, technological and geopolitical implications of such an undertaking.
The Belarusian energy context
Belarus is in a special energy situation. The country has a surplus of electricity, mainly due to the recent commissioning of new production infrastructure.
The Belarusian government has undertaken a major program of modernization of its electricity network in recent years. This initiative aims to improve the country's energy efficiency and prepare the infrastructure for future challenges. Among the priority projects:
- The renovation of more than 5 km of power lines
- Strengthening distribution networks in rural areas
- Adapting the network to the increase in demand linked to electric vehicles
These investments have made it possible to significantly increase the country's electricity production capacity, thus creating an energy surplus.
Competitive electricity rates
One of Belarus' major assets in its cryptocurrency mining development strategy is its particularly low electricity prices. Compared to the rest of Europe, the cost of electricity in Belarus is significantly lower, which is a significant competitive advantage in attracting players in the sector.
The motivations behind this initiative
It is in this context that President Alexander Lukashenko decided to explore the possibilities offered by cryptocurrency mining. This announcement, made during a meeting with the new Minister of Energy, Alexei Kushnarenko, marks a turning point in the country's economic policy.
There are several reasons why the Belarusian government is interested in cryptocurrency mining:
- Valorization of surplus energy: mining would allow surplus electricity to be used productively.
- Economic diversification: in the context of international sanctions, Belarus is seeking to develop new sources of income.
- Adapting to global trends: the country wants to not be left out of the cryptocurrency revolution.
- Attracting foreign investment: The mining sector could attract international capital and companies.
International examples
Belarus is not the first country to consider cryptocurrency mining as a solution to exploit its energy resources. Several international examples can serve as reference points.
The case of Bhutan
The Kingdom of Bhutan, with its abundance of hydroelectric power, has already established significant Bitcoin mining infrastructure:
- Over 100 megawatts of operational mining capacity
- Expansion plans to reach an additional 500 megawatts
The experience of El Salvador
El Salvador, which made Bitcoin legal tender, uses geothermal energy for mining:
- Small-scale but symbolically important exploitation
- Integrating mining into the national economic strategy
Conclusion
Belarus’ move into cryptocurrency mining represents a bold bet on the future. By seeking to harness its energy surplus to develop this digital industry, the country is embarking on a path that could transform its economy and its international standing.
If it succeeds in overcoming the related challenges, Belarus could position itself as a significant player in the global digital economy, opening up new prospects for growth and development for the country. The development of this initiative will be closely monitored by the international community, as it could serve as a model or counterexample for other nations considering similar strategies.
