Belarus Gov’t Says Crypto Miners Are ‘Flocking to the Country’

Belarus says it is welcoming more crypto miners, and that more mining “investors” are “showing keen interest” in the nation.

The comments came from the country’s Deputy Minister of Energy Denis Moroz. The Deputy Minister said that Minsk is now “meeting with” crypto mining “investors.”

Per BelTA, Moroz said that the government is holding “consultation” sessions with unnamed parties. Mining firms are also “analyzing” possible sites for new “farms” in Belarus.

Belarus Courting Crypto Miners?

Government officials have noted that crypto miners are already consuming 120 MW of electricity. Moroz said:

“Crypto mining is a promising sector, and it has been given a new lease of life in Belarus.”

Moroz added that the Ministry of Energy only wants to work with players who are “interested in working long-term” in “the Belarusian energy system.”

The Deputy Minister also insisted that incoming crypto miners should also help “create the necessary infrastructure” to help Minsk foster the size of its crypto mining capacity.

“We see very big prospects. We have received many requests. I think that we will see new projects launch in the near future.”

Denis Moroz, Belarus’ Deputy Minister of Energy

Nuclear Power Bonus

Moroz added that “until recently,” it has been impossible to understand which power sources miners using were to power their grids.

While Belarus has sizeable renewable power generation operations, most of its energy mix has traditionally come from imported gas.

However, the Belarusian Nuclear Power Plant (also known as the Astravets Nuclear Power Plant)’s first unit came online in June 2021.

Minsk got a fresh inflow of power when a second unit entered commercial operation in November 2023.

And, Moroz, said, this had now “created conditions” whereby Belarusian officials can now offer “incentive tariffs” to attract “crypto miners to the country.”

The new power plant is fitted with two VVER-1200 reactors, both built using the Russian AES-2006 design. Its total capacity is 2400 MW, officials claim.

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— Bloomberg (@business) December 18, 2024

Moscow to Make a Move?

The Deputy Minister added that these “new tariffs for crypto miners” are “linked to consumption volumes.”

Moroz said that “the more electricity miners consumed, the lower the rates they would have to pay.”

Potential customers could include a number of bigger Russian players, who are already looking beyond traditional hotspots like Siberia.

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— Bloomberg (@business) December 16, 2024

Siberian power providers have complained that crypto mining puts an unacceptable strain on their power grids in the winter months.

Russian authorities have responded by issuing temporary bans on crypto mining in the winter months in many Siberian regions until 2031.

In recent months, BitRiver, the biggest Russian crypto mining firm of all, has unveiled plans to team up with the Russian government in a bid to build crypto mining centers in BRICS states.

Belarus announced in mid-November that it has officially been granted BRICS “partner country” status.

Belarusian President Alexander Lukashenko this year said he wants to go a step further. The veteran leader says he hopes to secure full BRICS membership in the near future.