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Pakistan Eyes Surplus Power Use for Crypto Mining to Boost Economy
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Pakistan to Use Surplus Power in Attracting Crypto Miners
Pakistan is considering exceptional crypto mining charges for power in order to harness its surplus generating capacity for power and reduce losses, reports Dawn.
The Power Division is under way to conduct consultations for drafting competitive, un-subsidized charges, which will attract crypto miners to pay a decent percentage of what they earn towards power.
Since miners end up using 60–70% of their spending on power, Pakistan’s surplus generation could save humongous amounts of costs. The move is also in line with the government’s broader vision of turning liabilities into economic drivers.
Power Minister Awais Leghari has recently met with Bilal Bin Saqib, CEO of the newly formed Pakistan Crypto Council (PCC), to consider this prospect. Shortly thereafter, the council had its inaugural official meeting, which was chaired by Finance Minister Muhammad Aurangzeb and featured prominent regulators in attendance.
Regulatory Framework in the Works
PCC session focused on how Pakistan would benefit from the unexploited potential of crypto within the nation. Saqib outlined a vision of transforming surplus electricity into value through Bitcoin mining, with regulatory clarity.
The council resolved that local business models and regulations will be defined by embracing international best practices. Main discussions included legislation, consumer protection, blockchain mining policies, and a national blockchain strategy.
Global Context: Learning from Other Nations
Countries have reacted differently towards crypto mining. China prohibited it due to environmental and energy concerns. Kazakhstan initially welcomed it but charged higher tariffs during shortages. Potential miners in El Salvador, on the other hand, take advantage of affordable geothermal energy from volcanoes to fuel their equipment.
Pakistan is banking that its policy will strike a balance—utilizing its energy excess for economic gain while being regulative and environmental-friendly.
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Pakistan Eyes Surplus Power Use for Crypto Mining to Boost Economy
Share:
Pakistan to Use Surplus Power in Attracting Crypto Miners
Pakistan is considering exceptional crypto mining charges for power in order to harness its surplus generating capacity for power and reduce losses, reports Dawn.
The Power Division is under way to conduct consultations for drafting competitive, un-subsidized charges, which will attract crypto miners to pay a decent percentage of what they earn towards power.
Since miners end up using 60–70% of their spending on power, Pakistan’s surplus generation could save humongous amounts of costs. The move is also in line with the government’s broader vision of turning liabilities into economic drivers.
Power Minister Awais Leghari has recently met with Bilal Bin Saqib, CEO of the newly formed Pakistan Crypto Council (PCC), to consider this prospect. Shortly thereafter, the council had its inaugural official meeting, which was chaired by Finance Minister Muhammad Aurangzeb and featured prominent regulators in attendance.
Regulatory Framework in the Works
PCC session focused on how Pakistan would benefit from the unexploited potential of crypto within the nation. Saqib outlined a vision of transforming surplus electricity into value through Bitcoin mining, with regulatory clarity.
The council resolved that local business models and regulations will be defined by embracing international best practices. Main discussions included legislation, consumer protection, blockchain mining policies, and a national blockchain strategy.
Global Context: Learning from Other Nations
Countries have reacted differently towards crypto mining. China prohibited it due to environmental and energy concerns. Kazakhstan initially welcomed it but charged higher tariffs during shortages. Potential miners in El Salvador, on the other hand, take advantage of affordable geothermal energy from volcanoes to fuel their equipment.
Pakistan is banking that its policy will strike a balance—utilizing its energy excess for economic gain while being regulative and environmental-friendly.
In This News
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In This News
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Read More
Revolutionary Shift: South Korea Poised to Lift Ban on Domestic ICOs After 7 Years