Belarus is emerging as a cryptocurrency mining hub, with Deputy Energy Minister Denis Moroz highlighting growing investor interest and efforts to create a supportive industry environment. To support this momentum, officials actively collaborate with potential partners and foster a favourable environment to grow its crypto mining industry.
Rising Interest from Crypto Mining Investors
Moroz disclosed that the government is holding consultation sessions with crypto-mining investors. According to the state news agency BelTA, the government works closely with these parties to analyze potential sites for new mining facilities. “Crypto mining is a promising sector, and it has been given a new lease of life in Belarus,” he said.
The official emphasized the government’s focus on attracting players committed to long-term operations within its energy ecosystem. He added that miners should also contribute to building the necessary infrastructure to scale the country’s mining capacity. “We see very big prospects. We have received many requests. I think that we will see new projects launch shortly,” he stated.
What Drives Belarus’ Crypto Mining Appeal?
Belarus’ abundant energy resources make it an attractive destination for crypto miners. Its Nuclear Power Plant, with two reactors operational since 2021 and 2023, offers a combined capacity of 2,400 MW, ensuring a stable energy supply. This boost has allowed the country to introduce “incentive tariffs” specifically for miners, according to Moroz. He explained that these tariffs are consumption-based, with rates decreasing as miners use more electricity.
“This creates conditions that are highly attractive for crypto miners to operate in Belarus,”
He said, noting that miners are already using 120 MW of electricity in the country. In related news, Poland has imposed new sanctions on three companies accused of selling fertilizers produced in the country by Grodno Azot, aiming to protect its local producers from cheaper imports.
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How is Belarus Becoming a Key Player in Global Crypto Mining?
Belarus is leveraging its incentives to attract not just local miners but also international players, including those from neighbouring Russia. In regions like Siberia, Russia’s mining hotspots have faced power grid strains during winter, leading to temporary mining bans. This has pushed major firms like BitRiver to seek opportunities abroad, making the region an increasingly attractive option.
It has also strengthened its global ties. In November, it gained “partner country” status with the BRICS bloc (Brazil, Russia, India, China, and South Africa), with President Alexander Lukashenko expressing hopes for full membership shortly. This step could enhance its global economic integration. Meanwhile, Donald Trump has warned of tariffs if BRICS countries attempt to create a rival to the US dollar.
The country’s efforts to grow its crypto-mining industry align with its broader economic strategy. By focusing on energy incentives, infrastructure development, and long-term partnerships, Belarus is working to create a sustainable and competitive mining ecosystem.
Conclusion:
As cryptocurrency mining expands globally, Belarus is working to establish itself as an important player. With its strong energy policies and increasing interest from investors, the country has the potential to become a mining hub in the region. However, its success will depend on how well the government can maintain clear regulations and maximise its energy resources. For now, the country is sending a clear message: it’s ready to support the future of crypto mining and blockchain innovation.
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Frequently Asked Questions (FAQs)
- Why is Belarus attracting crypto miners?
Abundant energy and incentive tariffs make it ideal for crypto mining. - What incentives do miners get in Belarus?
Miners enjoy lower electricity rates and higher consumption. - How is the government supporting crypto mining?
The government helps identify sites and build infrastructure for miners. - How much energy do miners use in Belarus?
Miners currently use 120 MW of electricity. - Which international players are investing in Belarus?
Global miners, especially from Russia, are expanding into Belarus.
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