Belarus is weighing the potential benefits of cryptocurrency mining, driven by excess energy and the global shift towards digital reserves. The country’s president has expressed interest in utilizing its electricity to mine cryptocurrencies, following the lead of nations like Bhutan and El Salvador.
Excess Energy, New Opportunities
The President of Belarus, Aleksandr Lukashenko, has expressed interest in utilizing the country’s excess electricity to mine cryptocurrencies. This move comes on the heels of the Trump administration‘s consideration of establishing a national strategic crypto reserve.
Crypto mining, also known as cryptocurrency mining, is the process of verifying transactions on a blockchain and adding them to the public ledger.
Miners use powerful computers to solve complex mathematical equations, which helps to secure the network and verify the integrity of transactions.
In return for their efforts, miners are rewarded with newly minted cryptocurrency tokens.
The most well-known example of crypto mining is Bitcoin mining.
Lukashenko cited the White House‘s interest in crypto as a reason for exploring this new opportunity. ‘You see the path the world is going. And especially the largest economy in the world. They announced yesterday that they will keep [a crypto] reserve,’ he said. Therefore, there will be demand for them. Well, maybe we should do it ourselves,’ Lukashenko added.
Aleksandr Lukashenko has been the President of Belarus since 1994.
Born on August 30, 1954, in Vitebsk, Soviet Union, he rose to prominence as a collective farm manager and became Prime Minister in 1990.
After 'the dissolution of the Soviet Union,' he won the first presidential election in Belarus with 80% of the vote.
His rule has been marked by 'authoritarianism' suppressing opposition and dissent.
Lukashenko has also maintained close ties with Russia and implemented economic reforms.
Global Precedents
Belarus wouldn’t be the first nation to mine cryptocurrencies. The Kingdom of Bhutan and El Salvador have already made significant strides in this area. Bhutan, with its abundance of hydropower, has operational bitcoin mining infrastructure exceeding 100 megawatts (MW) and is set to get another 500MW worth of power online. El Salvador uses geothermal energy to mine bitcoin, though in smaller quantities.
Potential Benefits
The President’s comments suggest that Belarus may be looking to capitalize on its excess energy resources by venturing into crypto mining. This move could potentially generate revenue for the country and contribute to its economic growth.
Lukashenko’s statement ‘Look at this mining. 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,’ indicates a willingness to explore this new opportunity and capitalize on the growing demand for cryptocurrencies.
- coindesk.com | Belarus Looking Into Crypto Mining Following Trumps Reserve Plans
- businessinsider.com | Belarus Looking Into Crypto Mining Following Trumps Reserve Plans
