Pakistan might be on the verge of a surprising shift—turning to Bitcoin mining to solve its electricity challenges. With surplus power weighing heavily on its economy, the government is exploring ways to bring in global Bitcoin miners, turning unused energy into profits rather than waste. Could this be the beginning of a digital revolution in Pakistan?
The Ministry of Energy is actively considering a special electricity tariff for industries like Bitcoin mining, hoping to attract investors without relying on government subsidies.
The idea is simple—miners need cheap electricity, and Pakistan has a surplus. By bridging this gap, the country could transform a long-standing power sector problem into an economic opportunity.
This idea gained momentum during a key meeting between Power Minister Awais Leghari and Bilal Bin Saqib, the CEO of the newly formed Pakistan Crypto Council (PCC). The discussion revolved around how Pakistan could position itself as a global hub for cryptocurrency mining.
This was followed by an even bigger meeting, chaired by Finance Minister Muhammad Aurangzeb. Attended by top officials, including the State Bank Governor and regulators, the gathering focused on whether Pakistan should embrace crypto mining as part of its economic strategy.
Reports suggest that Bitcoin miners spend up to 70% of their earnings on electricity. Many countries have struggled with managing this demand. China, for example, banned crypto mining due to environmental concerns, while Kazakhstan initially embraced it before imposing higher taxes.
Iran, on the other hand, offered discounted rates but often suspended mining during peak electricity demand.
Pakistan, however, is taking a different approach. Instead of burdening the national grid, the country aims to create a stable and competitive energy supply dedicated to crypto mining. This strategic move could make Pakistan a global hub for blockchain-based data centers.
If Pakistan successfully welcomes mining companies, it could create a new revenue stream while utilizing excess power more efficiently.
During the meeting, Bilal Bin Saqib shared a plan to use Pakistan’s extra energy for Bitcoin mining while also making clear rules for the industry. He said the country should create a policy that fits its needs and benefits its people.
While the plan holds great promise, success depends on execution. Regulatory clarity, compliance with global financial laws, and ensuring a stable power supply will be critical.
The crypto landscape has been stunned by the rapid success of Remittix which obtained over…
The Ripple community is buzzing with mixed emotions as XRP faces both legal progress and…
Shiba Inu News today reports that SHIB is experiencing market distress. Its current price is…
The crypto market constantly shifts, with investors looking for the next big opportunity. DOGE and…
The PENGU token has long been in the market, but a new competitor has arrived.…
As Bitcoin continues to ride the waves of volatile markets, experts are making predictions about…
