Belarus Seeks to Reduce Dollar Dependence with Crypto Mining
Belarusian President Alexander Lukashenko proposed using cryptocurrency mining to reduce reliance on the U.S. dollar. On November 14, at a Minsk meeting on electricity and nuclear power, he highlighted crypto mining as a part of the country’s economic diversification efforts.
“Cryptocurrency is probably one of the options,” Lukashenko said, emphasizing the need to explore alternatives amid global dollar dependence. He asked officials to review electricity consumption measures and future plans related to sectors like crypto mining, electric transport, and all-electric housing.
The president acknowledged cryptocurrency mining’s volatility but stressed its strategic advantages. “Some volatility… Well, there probably will be. But nothing ventured, nothing gained,” he added.
Belarus Strengthens Crypto Regulations and Energy Use
Belarus has been reducing its exposure to the U.S. dollar and exploring alternatives, including BRICS payment systems. Lukashenko urged regulators to finalize clear cryptocurrency rules to attract both domestic and foreign investment.
In September, he criticized delays in regulation progress, calling for “transparent rules of the game.” The country’s Hi-Tech Park (HTP), a digital economy center, plays a key role in reforming crypto regulations. Lukashenko called for new oversight mechanisms to keep Belarus competitive in crypto adoption.
Belarus’ decree No. 8, signed in 2017, offers a legal framework for tokens, tax exemptions, and smart contracts within the HTP.
Using Surplus Energy to Boost Crypto Mining
Belarus has surplus electricity, which it plans to use for crypto mining. Last March, Lukashenko said, “If it is profitable for us, let’s do it.” This strategic use of excess power could boost Belarus’ position in the global crypto mining sector.
However, the global mining industry faces financial challenges. For example, North American miner Bitfarms announced a $46 million Q3 loss in 2025 and plans to exit Bitcoin mining to focus on AI and high-performance computing.
Meanwhile, other regions are tightening mining regulations. New York lawmakers proposed higher electricity taxes on miners to support families with utility bills. In British Columbia, Canada, officials plan a permanent ban on new crypto mining operations connected to the power grid. This is to preserve clean energy for growing demands from AI and data centers.
