Belarus President Explores Crypto Mining to Capitalize on Cheap Energy

Belarus President Alexander Lukashenko has instructed his newly appointed energy minister, Alexei Kushnarenko, to explore the development of the country's cryptocurrency mining industry. This move signals a growing interest in generating additional revenue streams from the country's excess energy supplies.

In a March 4 report by local media outlet BelTA, Lukashenko was quoted as saying, "Look at this mining. If it is profitable for us, let’s do it. We have excess electricity. Let them make this cryptocurrency and so on." The head of state drew inspiration from the United States, which has vowed to become the crypto capital of the world following the election of President Donald Trump.

The decision to investigate crypto mining was announced shortly after Lukashenko formed his new government, where he prioritized renovating the country’s 5,700-kilometer power grid. The president emphasized the importance of upgrading the power grid infrastructure to meet the growing demand for electricity from households and the economy.

Belarus is known for having cheap energy costs compared to the rest of Europe. According to Belarussian government sources, the country is among Europe’s three most affordable countries for electricity prices. This has piqued the interest of crypto miners, with government officials already having preliminary consultations with investors who are looking at Belarus as a potential mining hub.

Although cryptocurrency mining remains generally profitable in 2025, the industry's margins are squeezed by energy costs, hardware efficiency, and regulations. Market conditions also play a role as sustained price drops in the value of mined coins can negatively impact profitability. Belarus' cheap and abundant energy could provide a competitive advantage for the country's potential mining industry.