Bitcoin mining firm Sphere 3D sues partner Gryphon Digital Mining for losing $500k in fraudBelarus might dive into the world of Bitcoin mining at the end of the year owing to its expected abundance in electricity.
The President of Belarus, Alexander Lukashenko, has been an ardent supporter of Bitcoin and affirms that the country might go into Bitcoin mining in the coming months.
As a result of its expected electricity, the country would not fall short in resources required to exploit the Bitcoin mining process. It should be noted that Belarus depends on Russia for electricity and some other major energy uses across the country.
Major doubts are, however, arising as the countries current political situations may be a hindrance in the implementation of the plan, which might affect China and the US. Being the key figure behind a controversial election, the current president has been at the center of the political crisis.
Undercurrents for Lukashenko favoring Bitcoin mining
Lukashenko, however, doesn’t care about that as he has made his stance clear that new elections would not be carried out in the country. It should be recalled that major countries around the region, including Ukraine and Estonia, asked the president to allow another election process to take place.
This is not the first time the president would be making headlines as he made a statement last year showing maximum support for Bitcoin mining. With this move, people have been saying that the political crisis might have Economic roots.
Belarus to launch ONPP at the end of the year
The new Bitcoin mining plans are coming on the back of the launch of the Ostroverts Nuclear Power Plant (ONPP). According to financial records, Russia is the biggest donor as they have okayed a $10 billion credit that will be payable for 25 years to fund the plant.
This figure would be able to take the building of the plant to about 90% completion. In the brief generated before the start of the project, the first phase would be completed 2028 while 2019 will witness the conclusion of the second phase.
As a result of the delay due to unforeseen circumstances, the plant would start producing electricity by the end of the year. As it stands now, Belarus is going to be one power-producing country to contend with by the end of the year.
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