Belarus Rises as a Key Player in Crypto Mining, Drawing Eyes from Russia and China

Belarus emerges as a new hub for cryptocurrency mining, drawing significant interest from Russian and Chinese investors, as stated by Viktor Karankevich, the Minister of Energy. During his recent briefing, Karankevich highlighted the growing demand for electricity in Belarus, spurred by data centers and cryptocurrency mining operations, according to PrimePress.

“Foreign enterprises, especially from Russia and China, are eager to develop and construct mining facilities in Belarus,” Karankevich remarked. This surge in interest aligns with Belarus’s strategy to boost electricity consumption, leveraging its comfortable tariff structure and ready energy system. Notably, no formal applications for new facility connections to Belenergo have been made yet.

This development comes in the wake of Belarus legalizing mining and token circulation, overseen by the Park of High Technologies. Vasili Gerasimov, chairman of the State Control Committee of Belarus, discussed at the St. Petersburg International Economic Forum the ongoing efforts to develop a comprehensive token sector in the country.

Belarus has witnessed a 6.6% increase in electricity consumption from January to November 2023, reaching 37.1 billion kW∙h. Despite a slight decrease in 2022, the Ministry of Energy anticipates a steady rise in electricity demand, projecting consumption to reach 43.429 billion kW∙h by 2024 and 44.337 billion kW∙h by 2025. This forecast aligns with the country’s efforts to become a significant player in the global cryptocurrency mining landscape, capitalizing on its favorable conditions for such ventures.