The President of Belarus Alexander Lukashenko wants the ministry of energy to explore crypto mining in the country.
The Belarusian President has instructed his new Energy Minister, Alexei Kushnarenko, to develop the country’s cryptocurrency mining industry.
During a government meeting on March 4, 2025, Lukashenko said Belarus should take advantage of its extra electricity to generate new income. He stressed that if mining is profitable, the country should move forward with it.
Belarus has some of the cheapest electricity in Europe, thanks to its nuclear power plants. The second unit of the Belarusian Nuclear Power Plant has been running since May 2023, supplying about 40% of the country’s electricity. This makes Belarus well-positioned to support industries that require a lot of energy, like crypto mining.
This move is part of Belarus’s long-term strategy to become a crypto-friendly nation. In 2017, Lukashenko signed Decree No. 8, which legalized cryptocurrency activities such as mining, trading, and initial coin offerings (ICOs).
The law, which took effect in 2018, provided tax breaks and legal protections to attract blockchain businesses and miners. Since then, Belarus has continued to build on this foundation.
In 2019, Lukashenko suggested using excess energy from the country’s first nuclear power plant in Astravets for crypto mining. That same year, Belarusbank, the country’s largest bank, announced plans to launch a cryptocurrency exchange. By 2021, the Ministry of Energy had conducted studies on the industry’s potential.
Belarus has also extended tax exemptions for crypto-related activities until 2025. These exemptions cover value-added tax (VAT), income tax, and personal income tax for miners and token developers.
As a result, investors have been drawn to the country’s low energy costs and supportive regulations. In the close of 2024, crypto mining operations in Belarus were using about 120 megawatts (MW) of electricity.
Lukashenko’s latest directive presents two options for mining. The government could run its own state-backed mining operations to generate national revenue.
Alternatively, Belarus could attract private investors by offering discounted electricity rates for large-scale mining farms. Deputy Energy Minister Denis Moroz recently stated that the more electricity miners use, the lower their rates would be.
Lukashenko also linked his plan to global trends, noting that the US, under President Donald Trump, had considered a national cryptocurrency reserve. He suggested that if global demand for digital assets is growing, Belarus should take advantage of it.
Beyond crypto, Lukashenko stressed the need to modernize Belarus’s power grid and ensure stable electricity for domestic use. He also encouraged using more electricity for heating and hot water systems. Plans for a second nuclear power plant are in place to secure long-term energy stability.
Earlier last year, the Belarusian Center for Banking Technologies started developing a digital ruble platform using Hyperledger Fabric. The initial focus is on core functionality, followed by financial services.
Dmitry Kalechits, Deputy Chairman of the Central Bank, stated that the digital ruble is crucial for advancing payments. It will act as a government-issued cryptocurrency, alongside cash and electronic forms of the Belarusian ruble.
