Belarus Explores Cryptocurrency Mining Using Surplus Nuclear Energy

Belarus is reportedly exploring cryptocurrency mining using surplus nuclear energy, following economic strategies pioneered by nations like Bhutan

President Alexander Lukashenko has instructed officials to explore cryptocurrency mining as a means of utilizing the country’s surplus electricity, generated largely by the Astravets Nuclear Power Plant, the Belarusian Telegraph Agency (BelTA) reported on March 4.

The plant, which came online in 2023, produced 41.8 billion kWh of electricity last year, exceeding domestic consumption by 700 million kWh.

“Let them make this cryptocurrency. We have excess electricity. They want to mine cryptocurrency using nuclear energy — let them do it. We will sell them the electricity and they can mine it. It’s no problem for us,” Lukashenko said.

President’s statement comes as nation mulls best options for using surplus energy

The president’s remarks signal a strategic shift to monetize unused energy, with options ranging from state-backed crypto mining to selling electricity directly to private firms for this purpose.

Belarus’s approach has similarities with El Salvador’s plan to mine bitcoin using geothermal energy and Bhutan’s successful operations in hydroelectricity-rich areas. However, Belarus’s reliance on nuclear energy, funded by a $10 billion Russian loan, could introduce geopolitical complexities if utilized for cryptocurrency.

Although President Lukashenko highlighted the importance of turning a profit from any plan, details such as the nation’s regulatory frameworks for cryptocurrency and the types of coins that would be mined remain to be seen.

Analysts add that Belarus’s electricity costs are among the lowest in Europe, which could be attractive to miners despite regulatory uncertainties. Moreover, the country’s close alignment with Russia amid Western sanctions may raise questions about the plan’s broader viability in global markets.

The proposal also underscores a broader trend of nations looking to monetize energy surpluses through cryptocurrencies, despite the challenges involved. With Bhutan already achieving success in this domain, Belarus’s nuclear experiment could chart an interesting path forward as nations explore innovative economic models in a rapidly changing world.

President Lukashenko reportedly observed that he is able to discern global shifts, citing U.S. President Donald Trump’s recent disclosure of plans to establish a strategic cryptocurrency reserve as evidence of such trends taking shape.

This development coincides with Lukashenko’s recent remarks, reported by BelTA at the end of January, when he suggested that the nation might develop a sovereign digital currency. Back in May 2024, Lukashenko also claimed that several countries were questioning the use of the U.S. dollar.