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How to Buy Bitcoin in Belarus

Despite only having a handful of exchanges available to the country, buying Bitcoin in Belarus is easy thanks to the government's Bitcoin-friendly policy.

In fact, Belarus launched a platform that allows people to use cryptocurrencies, such as Bitcoin, to buy shares, gold, and other assets.

First thing's first:

You need to start with a hardware wallet to store your Bitcoin safely. The last thing you want to do is leave your investment on a centralized exchange where it's subject to theft.

Go with a trusted wallet like the Ledger Nano S or the Trezor to be safe.

Next, choose a Bitcoin exchange in Belarus that fits your liquidity, privacy, fees, and payment method criteria.

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Most exchanges like Coinmama will require you to verify your identity before transacting on their platform.

Lastly, connect your payment method and begin trading. It's that simple!

Barbados has access to many large Bitcoin and cryptocurrency exchanges.

Have a look at our favorites below:

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There are three main types of Bitcoin wallet and all of them are supported in Belarus:

• Software (desktop or mobile - iOS and Android wallets
• Hardware wallet
• Cold-storage (paper or steel wallets, the latter of which are used to backup your main wallet.

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Ethereum (ETH) has established itself as the second most popular digital currency, after Bitcoin. Its smart contract features allow unique apps to be built on top of its platform. Below you will find exchanges in Belarus that allow you to buy ethereum. Once you buy, you should withdrawal your ETH directly to your own crypto wallet.

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Thanks to Tesla founder Elon Musk, Dogecoin (DOGE)—a coin that started as a meme about the shiba inu dog—has recently become a popular digital currency. Below you can find crypto exchanges in Canada that allow you purchase Dogecoin.

About Dogecoin: Dogecoin has become one of the most famous altcoin blockchains. Dogecoin was founded by Jackson Palmer and Billy Markus on December 6, 2013. Thanks to its popularity on Robinhood, it hit an all time high of $0.42 on April 20. Doge started the year at under $0.01 USD. It is an open source blockchain, meaning its code is publicly available for anyone to see.

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Litecoin (LTC) is one of largest cryptocurrencies by market cap. Below you can find a list of brokerages in Belarus that allow you to buy litecoin and other crypto assets for good exchange rates.

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In August 2021, Belarusian President Alexander Lukashenko called on the government to the use spare power infrastructure for cryptocurrency mining, stating that the country has enough electricity resources due to abandoned industrial sites to power cryptocurrency mining. “Build something based on electricity. After all, start mining cryptocurrencies or whatever it’s called. There is enough electricity in the country,” he said.

Although most people are better off buying Bitcoin directly from an exchange, more tech-savvy people may choose to mine instead.

Bitcoin mining requires an upfront investment of time, energy, and money, which may (or may not) pay off in the long run.

One of the leading factors that determine Bitcoin mining profitability is the cost of electricity in your area, and the hash rate of your mining hardware. If the value of your mined Bitcoin is more significant than your electricity cost, you're profitable.

That's why mining with cheap electricity is crucial for any mining operation. Considering Belarus' electricity price of 0.175 Belarussian Rubies per kWh ($0.07), using proper mining hardware could yield a profit.

According to our mining profitability calculator, the Antminer S19 will yield a profit of approximately $2,000 per year, per miner.

That's roughly the price of a single miner, meaning it would take a year to pay off your initial investment.

Further still, you'll have to cross your fingers and hope the S19 is still profitable one year from now, which may not be the case. Bitcoin's block difficulty is always increasing, which means miners need to upgrade their mining hardware to keep pace.

In conclusion, you're probably better off mining in a country with cheaper electricity than Belarus, like Kuwait, where electricity is roughly $0.02 per kWh. If you want to acquire Bitcoin now, buy it from an exchange or another peer on the network.