Crypto Over Dollars: Belarus Makes Mining A National Priority

Belarusian President Alexander Lukashenko has directed government agencies to expand cryptocurrency mining, saying the move could help the country cut reliance on the US dollar.

Reports say he made the remarks during a high-level energy meeting in Minsk on November 14, where he framed mining as a priority use for surplus electricity.

Lukashenko Orders Mining Push

According to state reports, Lukashenko asked officials to present concrete measures to increase electricity consumption and to lay out how mining could be scaled across the country.

He suggested that, rather than simply inviting foreign miners, Belarus might consider holding state crypto reserves if mining proves profitable.

Those comments were made alongside calls to study how energy capacity can be better used to support industry.

Nuclear Power Capacity Driving Plans

Belarus already has a significant new power source to lean on. The Ostrovets (Astravyets) nuclear plant now has two units with combined generation capacity of roughly 2,400 MW, and officials say the site supplies about 40% of the nation’s electricity needs.

Government and industry backers argue that surplus baseload power from the plant makes large-scale mining financially viable.

Based on reports, Minsk sees mining not only as an industrial project but also as part of a broader tilt away from dollar dependence.

Lukashenko reportedly said cryptocurrencies could be one option for reducing reliance on a single global currency.

That geopolitical framing links mining ambitions to plans for new payment tools: the National Bank is pushing a digital ruble project and targets a phased rollout by late 2026, starting with businesses before wider public access.

Observers note the direction is not brand new. Lukashenko first raised the idea of using excess electricity for crypto mining earlier in the year, and since then authorities have studied the fiscal and technical setup needed to attract miners or to run state-backed operations.

At the same time, a recent state audit prompted the president to demand clearer rules for crypto platforms after finding problems in how some operators handled client funds. That tension — invite mining but tighten oversight — is shaping the policy mix.

Officials are drawing up regulatory steps and talking about tax and tariff adjustments to make mining work on a larger scale, while also trying to limit fraud and capital flight.

Reports say the National Bank will sequence the CBDC rollout, coordinate with regional partners, and use tighter reporting requirements for crypto firms so that investor money does not leak out of the system.

Featured image from Unsplash, chart from TradingView