Lukashenka Calls Cryptocurrency Mining a Means of Reducing Dollar Dependence at Meeting on Second Nuclear Plant

Alyaksandr Lukashenka held a meeting today on the construction of a second nuclear power plant. While discussing prospects for the growth of electricity consumption, he mentioned cryptocurrency mining.

Opening the meeting, Lukashenka said that by building the nuclear plant Belarus had secured “a source of affordable, environmentally clean energy for decades ahead.” The station has already generated more than 53 billion kWh of electricity, reduced dependence on gas by 14.5 billion cubic metres, and cut the share of gas in electricity generation from 95% to 65%. More than 1.6 billion dollars in budget funds were saved. In his view, Belarusians have also changed their attitude toward nuclear energy. He stressed that the chosen path had been the right one.

“Only yesterday many Western politicians tried to rely exclusively on renewable energy. Today they are already talking about the advantages of building nuclear plants, and even a new term has appeared there — ‘the renaissance of the nuclear industry’. This also concerns neighbouring countries — Poland and Lithuania, which fiercely opposed the construction of our nuclear plant. All of this confirms the correctness of the path we chose,” he said.

Lukashenka asked for a report on measures to increase electricity consumption, the results achieved, and proposals for further boosting demand for electricity.

“For example, cryptocurrency mining, electric transport, construction of housing with electric heating. The emphasis is on the prospects for loading existing and new capacities. I have read various notes and opinions. One of the notes says that cryptocurrency mining may be unstable. Sometimes higher, sometimes lower. The whole world is now suffering from a global problem — trying to get away from dependence on a single currency, the dollar. And this process will grow. And cryptocurrency is probably one of the options for moving away from it.

So why are we so worried already? Some volatility… Well, probably it will be. But if you are afraid of wolves, don’t go into the forest,” he said.

Two options for further development of nuclear energy were submitted to the meeting. The first proposes building a new power unit near Astravets as the second stage of the Belarusian NPP. The second option envisages constructing a new plant in the east of the country. In the first case, the necessary infrastructure has already been built and costs would be lower. In the second case, expenses would be higher but would give an economic boost to the region.