Belarus President Urges Citizens To Mine Bitcoin

Alexander Lukashenko, the President of Belarus, urged citizens to stay in their home country and mine bitcoin instead of moving abroad for low-paying jobs, reported CoinMarketCap. Rather than travel to Poland or Germany to fill farming positions, Lukashenko said in a recent meeting with the employees of JSC Belaruskali, Belarusians should stay in the country and seek alternative sources of income such as mining bitcoin.

“Create something with electricity,” Lukashenko urged in a video posted by the “Pool of the First” Telegram channel. “In the end, start mining cryptocurrency, or whatever it’s called. There is enough electricity in the country.”

Bitcoin mining can be a very lucrative business in places with abundant, cheap energy sources. In Texas, for instance, two kids are making over $30,000 a month with mining operations. Since China instituted a nationwide ban on bitcoin mining, miners are moving overseas, and Belarus might also become a viable option.

Bitcoin-related activities are already regulated in Belarus since 2018. In April 2019, Lukashenko went as further as to suggest that bitcoin mining farms could harness the surplus power produced by the nuclear power plant in the Grodno region, according to the report. By capturing abundant energy that could otherwise go to waste, miner profitability can be increased even further.