In the long bear market of the past year, the cryptocurrency mining profit is not as good as before. However, not all investors are short-sighted. For example, Belarus did not give up its intention to develop the digital economy, and the cryptocurrency industry is part of the digital economy. The country believes that it has sufficient resources and will soon have enough cheap energy to power the mining equipment and profit from bitcoin mining.
Nuclear power plant construction site
At a recent meeting with representatives of the IT industry, Belarusian President Alexander Lukashenko reiterated the government's willingness to protect and promote the country's digital industry and ensured that there are sufficient resources to do so. He said that Belarus will soon have excess electricity that can be used to power the new cryptocurrency mine.
He refers to a brand new nuclear power plant that Belarus is currently building in the Grodno region, the Lithuanian border. This new new nuclear power plant will have two nuclear reactors. The first unit is scheduled to be operational by the end of this year and the second unit will begin generating electricity in the summer of 2020. It is expected that the power generated by the new nuclear power plant will be around 2,400 megawatts (MW).
We will be launching an atomic energy station, where there will be excess energy. I have reserved some space there for building the mine, and we will carry out bitcoin mining and sale. If you have bitcoin, selling bitcoin is not a problem, right?
The President of Belarus stated that he is behind the scenes of the creation of a special economic zone project and promised to continue to support the project.
We will move in the same direction. If you want to encrypt currencies, cryptocurrency exchanges, mines, etc… we will continue along this path.
Belarus, which is very friendly to cryptocurrencies
In a conversation with a young IT expert from Belarus, Lukashenko said: "We have already taken this class with you, we will not swing. If you need anything, even if you tell me, we will solve all problems." The Belarusian leaders pledge that the country will continue to support the digital economy and emphasize that "this is my responsibility."
Belarus is a member of the former Soviet Union and a close ally of Russia. It is often criticized for its dictatorship. Last year, Belarus legalized cryptocurrency activities. On March 28, 2018, the "Presidential Decree No. 8 on the Development of the Digital Economy" came into effect. Prior to January 1, 2023, the bill introduced tax incentives and other incentives for encryption companies. In order to promote its implementation, the government adopted new cryptocurrency accounting standards and later refined the regulatory framework.
This crypto-money-friendly policy demonstrates the country's efforts to become a global IT center that attracts businesses and entrepreneurs from around the world in a friendly environment. The Belarusian high-tech park is considered the Silicon Valley of the country. There are now hundreds of residents, including representatives of the cryptocurrency sector, such as licensed exchanges. Other companies are developing blockchain, payment and mining programs.