Belarus President Pushes Crypto Mining to Utilize Nuclear Energy Surplus

Belarus is actively exploring the potential of cryptocurrency mining to utilize its surplus nuclear energy. The country's Energy Minister, Viktor Karankevich, confirmed in 2021 that a feasibility study had been conducted to assess the viability of this venture. This initiative is part of a broader strategy to leverage Belarus's abundant and cheap electricity, which is largely generated by its nuclear power plants.

In a significant move, Belarusian President Alexander Lukashenko has instructed the Ministry of Energy to develop the country’s cryptocurrency mining industry. During a government meeting in March 2025, Lukashenko emphasized the need to take advantage of the country's excess electricity to generate new income. He highlighted that if mining proves to be profitable, Belarus should proceed with it. The second unit of the Belarusian Nuclear Power Plant, operational since May 2023, supplies about 40% of the country’s electricity, making it well-suited for energy-intensive industries like cryptocurrency mining.

Belarus has been laying the groundwork for a crypto-friendly environment since 2017, when Lukashenko signed Decree No. 8, legalizing 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. These measures have continued to evolve, with tax exemptions for crypto-related activities extended until 2025. These exemptions cover value-added tax (VAT), income tax, and personal income tax for miners and token developers, making Belarus an attractive destination for investors.

By the end 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, or Belarus could attract private investors by offering discounted electricity rates for large-scale mining farms. Deputy Energy Minister Denis Moroz stated that the more electricity miners use, the lower their rates would be. This strategy aligns with global trends, as Lukashenko noted that the US, under President Donald Trump, had considered a national cryptocurrency reserve, suggesting that Belarus should capitalize on the growing demand for digital assets.

Beyond cryptocurrency mining, Lukashenko stressed the importance of modernizing