Belarusian President Alexander Lukashenko urged his fellow citizens to stay in the country and dig for crypto. That is better abroad in Poland and Germany, as many have done before, to take on poorly paid agricultural jobs.
Is this the start of Belarus’ switch to crypto?
The comments came during a speech to employees of Belaruskali, one of the largest state-owned companies in Belarus. This company is responsible for 1/5 of the total supply of potassium fertilizers worldwide.
Lukashenko reportedly said that countries are not welcoming Belarusians with open arms. Instead, people in more developed countries only care about minor activities that they do not want to do alone.
He added that the country has the energy capacity available to accommodate individuals who are mining crypto on a large scale. He also spoke about the availability of abandoned industrial sites that could house more commercial mining facilities.
The country of the former Soviet Union is heavily dependent on energy subsidies from Russia and reduced oil and gas prices. Which, in view of international sanctions against Russia, raises a question for potential minors.
In addition, Lukashenko appears to have ignored the startup costs required to mine the cryptocurrency. Crypto mining isn’t as easy as turning on a computer and getting started.
Proof of Work Mining refers to solving hash puzzles and gaining the right to “complete” the block accordingly. Miners are duly rewarded with cryptocurrency for this.
At first glance, it seems easy to make money with electricity. But in reality it can be tedious, expensive to commission and maintain, and only sporadically rewarding.
Bitcoin mining is so competitive that only well-funded companies can afford to buy the latest ASIC mining equipment. It also provides access to cheap electricity.
Moneymint.com will sell the three most profitable cryptos such as Ravencoin, Monero and Litecoin in 2021.
A home miner needs a sufficiently powerful PC with the right power supply and cooling to get started. According to this Medium article, the PC must have a suitable GPU, which must be at least one gigabyte GeForce GTX 1070 or Radeon RX Vega 64 for ETH mining.
Used GTX 1070s on eBay in the UK cost around £ 350-400 ($ 480-550) which is the rest of the PC. It is believed that the total cost would be around £ 800 ($ 1,100).
Data on wages in Belarus shows that the minimum wage is around 400 BYN / month (157 USD / month). However, low-skilled workers would find it difficult to get a suitable PC to mine crypto due to UK prices.