Belarus Expands Crypto Mining Using Surplus Nuclear Power to Reduce Dollar Dependence
Belarus is aggressively expanding its cryptocurrency mining sector as part of a broader strategy to reduce global reliance on the US dollar, President Alexander Lukashenko announced at an energy policy meeting in Minsk on November 14, 2023.
Building on a directive from March to utilize surplus electricity for crypto production, Belarus aims to attract mining firms and potentially establish a national crypto reserve. This initiative capitalizes on the Belarusian Nuclear Power Plant's increased capacity, which reached 2400 MW after its second unit became fully operational in November 2023, providing the electrical infrastructure needed for extensive mining activities.
The expanded nuclear output has enabled incentivized electricity tariffs that have attracted interest from Russian and Chinese investors. In line with this mining drive, Belarus plans to launch a Central Bank Digital Currency (CBDC) by late 2026, with onboarding for businesses scheduled for 2027. This CBDC development aligns closely with Russia's similar efforts, although Russia's program has been delayed until mid-2026.
This strategy coincides with broader de-dollarization trends in international trade, including energy transactions increasingly being settled in Bitcoin. Lukashenko also suggested that Belarus could establish its own national crypto reserve, not just rely on foreign investment, aiming to position the country as an attractive destination for international crypto mining operations.
