President of Belarus: “Start Mining Cryptocurrencies or Whatever It’s Called”

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The President of Belarus has recommended the government begin mining cryptoassets with spare electricity. 

As Cointelegraph reported yesterday, using Russian news agency RBC as their source, President Alexander Lukashenko spoke at the opening of the Petrikovksky mining and processing plant on August 27, proposing that the state get involved with mining crypto. Lukashenko advised workers to take up crypto mining within the country rather than pursuing efforts abroad.

The Belarusian President said the country had enough spare electricity resources to mine cryptoassets and suggested abandoned industrial sites could be recruited in the effort:

We must understand, they are not waiting for us anywhere […] Build something based on electricity. After all, start mining cryptocurrencies or whatever it’s called. There is enough electricity in the country.

Belarus’s latest push to mine crypto is one of several efforts by the country and its president to grow into the digital asset industry. In February, the country’s Ministry of Energy announced an investigation into the risks and benefits of cryptoasset mining. 

The recently opened Petrikovsky plant is now officially the largest investment project of Belaruskali, a state-owned producer of potash fertilizer accounting for 20% of the global supply in 2019. Despite its massive exportation, the fertilizer producer was recently sanctioned by the United States last month as part of a series of punitive measures against Belarus. 

Disclaimer

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.

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