Key Highlights
- Belarus is eyeing crypto mining as a strategic tool to cut dollar reliance, boost energy use efficiency, and attract investors through clearer regulations.
- President Lukashenko urges clear crypto regulations, highlighting digital assets as part of Belarus’ broader economic diversification strategy.
- President Lukashenko urges clear crypto regulations, highlighting digital assets as part of Belarus’ broader economic diversification strategy.
Belarusian President Alexander Lukashenko has signaled that cryptocurrencies could help the world reduce reliance on the U.S. dollar. Speaking at a Minsk meeting on electricity consumption and nuclear power expansion on November 14, he highlighted crypto mining as a potential path for economic diversification.
“Cryptocurrency is probably one of the options,” he said, stressing the urgency of exploring alternatives amid global dollar dependency.
The President asked officials to report on electricity usage measures, their effectiveness, and future development plans for Belarus’ energy sector. “For example, cryptocurrency mining, electric transport, construction of all-electric houses. The focus is on the prospects for utilizing existing and new capacities.”
Lukashenko explained. He acknowledged potential volatility in crypto mining but emphasized the broader strategic benefit, saying, “Some volatility… Well, there probably will be. But nothing ventured, nothing gained.”
Belarus’ strategic shift
Belarus has actively reduced its U.S. dollar exposure and explored alternatives such as BRICS payment systems. Lukashenko’s recent remarks reinforce this agenda and hint at crypto as another tool in this strategy. Moreover, the president has pushed regulators to finalize cryptocurrency rules. In September, he criticized the slow progress on regulations, calling for “transparent rules of the game” to attract domestic and foreign investment.
The Hi-Tech Park (HTP), Belarus’ digital economic hub, has a critical role in these reforms. Lukashenko instructed it to refine its responsibilities and provide clearer guidance for businesses. “We need new oversight mechanisms, without which Belarus will lag in global crypto adoption,” he said. The country’s decree No. 8, signed in 2017, already provides a legal framework for digital tokens, tax exemptions, and smart contracts within HTP.
Harnessing excess electricity
Belarus has the potential for cryptocurrency mining, especially because it is a country with a surplus of power. Last March, Lukashenko remarked about mining with extra electricity, saying, “If it is profitable for us, let’s do it.” This could make Belarus join countries like El Salvador and Bhutan in using crypto for strategic and economic purposes. But regulators must first nail supportive policies if the sector is to thrive.
Despite Belarus’ optimism, the global mining sector is coming under financial pressure. Bitfarms, one of North America’s largest miners, also announced it will be exiting Bitcoin mining to focus on AI and high-performance computing. The company recorded a $46 million Q3 2025 loss, almost a two-fold increase on its losses for the previous year’s quarter, due to higher costs and reduced mining rewards post-Bitcoin halving. Crypto mining, therefore, stays lucrative but volatile.
The global shift in mining regulations
Notably, New York has recently tried harder to impose strict regulations on crypto mining. Lawmakers are pushing for miners to pay higher taxes for electricity, citing that such funds would aid families in need of help with utility bills.
The move also came just after Mayor Eric Adams-long a vocal crypto supporter-dropped his reelection bid, signaling a political turning point.
Meanwhile, across the border, the Canadian province of British Columbia is taking an even harder line by planning a permanent ban on new crypto mining operations connecting to its power grid. Officials argue that to keep up with a surging demand from AI, data centers, and other fast-growing industries, the province needs to protect its clean-energy supply. Limiting the miners now, according to the government, would help keep the grid stable, reliable, and affordable for all.
Also Read: BitMine Appoints New CEO To Accelerate Ethereum Strategy
