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You'll need a Bitcoin wallet before you buy since some exchanges require one.
Don't have a wallet? Read our guide on the best Bitcoin & cryptocurrency wallets.
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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 buy shares, gold, and other assets using cryptocurrencies.
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.
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!
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.
Jordan Tuwiner is the founder of BuyBitcoinWorldwide.com. His work has been featured in The Guardian, International Business Times, Forbes, VentureBeat, CoinDesk and many other top Bitcoin media outlets. His articles are read by millions of people each year looking for the best way to buy Bitcoin and crypto in their country.
He has also written extensively about the history, technology, and business of the crypto world. Jordan is also the creator of some of the internet's most famous Bitcoin pages, including The Quotable Satoshi and Bitcoin Obituaries.
To learn more about Jordan, see his full bio.
