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- The President of Belarus has welcomed miners to do mining in the country as there is a surplus of electricity available in the country.
- The President requested the miners of the home and crypto enthusiasts to start mining bitcoin and other cryptocurrencies.
- Bitcoin mining is more profitable at home than doing agricultural activities abroad
Alejandro Lukashenko, President of Belarus has invited miners to start mining cryptocurrency in the country. The country has surplus electricity to start mining operations. At the opening of the Petrikovsky mining and processing plant a few days ago, he stated a lot of reasons to start mining in the country.
He said bitcoin mining is more profitable at home than doing agricultural activities abroad. Strawberry harvesting in Poland is one of them. He also pushed the idea of building greenhouses for environmentally friendly bitcoin mining.
He has urged workers of the Belaruskali fertilizer business to start mining cryptocurrencies or whatever it is called, utilizing whatever electricity the country could supply. He said that the nation has sufficient energy to run the cryptocurrency mining network.
Crypto-friendly nation
Belarus is one of the world’s most crypto-friendly countries. Bitcoin and other cryptos have been legalised in the country since December 2017. This occurred after the passage of the digital economy decree. The action was taken to bolster private sector development and attract international investment.
The country has suspended all cryptocurrency linked taxes through 2023 and intends to increase the usage of cryptocurrencies. In November 2020, the biggest bank of Belarus started the bitcoin trading business. Customers can use their visa cards to purchase and trade digital goods. Even though no formal declaration has been made, the President’s remarks hint at the approval of cryptocurrency mining operations.
Following the suit of Iran and Kazakhstan, Belarus is all set to make a mark in the adoption of a cryptocurrency-friendly nation. In 2019, the government of Iran had approved bitcoin mining. Following a series of trade restrictions, the effort proved to be perfect for rescuing the country’s collapsing economy. The country even decided to adopt digital money for foreign commerce at one time.
However, the reports of illegal mining increased manifold, owing to various outages. Hence, the authorities outlawed bitcoin mining in the nation. The nation is still ready to again enter the activities at the beginning of September.
Kazakhstan on the contrary has joined the bitcoin mining industry in the aftermath of China’s massive crackdown on cryptos and mining. So, the Chinese miners started migrating to the United States and other North American Countries. This action has put a hold on China’s dominance of the bitcoin mining business, but it also made the ecosystem more decentralized.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
