HomeCryptoBelarus president Lukashenko calls on state to mine cryptocurrency

Belarus president Lukashenko calls on state to mine cryptocurrency

Belarusian President Alexander Lukashenko has referred to as on the federal government to mine cryptocurrency use spare energy infrastructure.

Lukashenko spoke on the opening of the Petrikovsky mining and processing plant on Aug. 27, urging employees to transfer into crypto mining in Belarus as a substitute of pursuing low-paying farming positions overseas, Russian information company RBC reported.

The president mentioned that Belarus has sufficient electrical energy sources to energy cryptocurrency mining, pointing to deserted industrial websites that could possibly be used to generate income. Lukashenko said:

“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.”

The Petrikovsky plant is formally the largest funding undertaking of state-owned Belaruskali, one of many world’s greatest producers of potash fertilizers, reportedly accounting for 20% of world provide as of 2019. The sole Belarusian potash exporter, Belaruskali was sanctioned by the United States authorities in mid-August, amongst different punitive measures in opposition to President Lukashenko.

Related: New undertaking goals to convey international crypto miners to Russia

Lukashenko’s newest name for crypto mining follows a number of efforts of the Belarusian authorities to transfer into the rising cryptocurrency mining business. In February, the Ministry of Energy of the Republic of Belarus mentioned that it was investigating the dangers and advantages of crypto mining for a possible transfer into the sector. In April 2019, Lukashenko proposed to deploy extra vitality from the nation’s first nuclear energy plant to mine cryptocurrencies and promote them.