Pakistan announced plans to use surplus energy for crypto mining. The country is keen on the digital assets market and is creating special tariffs to attract more crypto developers. Pakistan will use the surplus power, available at marginal costs, to build crypto data centers. The Energy Department of Pakistan has contacted various stakeholders to implement the plan.
The country wants to attract more investors but needs to balance the power supply so that it will be in a good position to boost the crypto industry. Bitcoin alone is a power-intensive operation, using proof-of-work mining, estimated to consume 130 terawatts per hour (TWh), a rate greater than that used by some countries such as Argentina and the Netherlands.
Pakistan has an estimated 20 million active crypto users and $20 billion in transactions. Its relatively young workforce has a lot of potential for Web3 development and a growing market for tech-savvy young entrepreneurs. The potential for growth in this market is promising and could be enhanced with governmental support.
Awais Leghari, Federal Minister of Energy, met with Bilal Bin Saqib, executive of the Pakistan Crypto Council (PCC), to discuss how crypto mining could use Pakistan’s excess electricity.
Bitcoin mining can only work if electricity is affordable. The process consumes a lot of energy and reportedly consumes 60% of a miner’s income. Pakistan could offer attractive tariffs to bring down the cost of electricity. This move may attract more investors worldwide to invest in the new industry.
2021 China banned the mining industry, citing concerns about power consumption and environmental impacts. Many countries, such as China, have noticed Bitcoin’s high energy consumption and have introduced tariffs or banned the technology outright.
In October 2024, Teheran faced multiple blackouts for weeks, with many citing mining operations as the cause. Iran offers electricity discounts for crypto miners but frequently shuts down operations with high electricity demand.
Pakistan has a young working population, 60% of the 240 million population under 30 years old. The blockchain industry is popular amongst younger workers and may provide more job opportunities for people.
The government wishes to engage with the PCC and get them to reach out to all crypto stakeholders in Pakistan, providing access to key individuals in the industry and creating a space for public officials to work directly with the private sector. The Pakistani government wishes to collaborate with the sector and encourage teamwork.
“This is the beginning of a new digital chapter for our economy,” said a government official. We are committed to building a transparent, future-ready financial ecosystem that attracts investment, empowers our youth, and puts Pakistan on the global map as a leader in emerging technologies.“
Muhammad Aurangzeb, Pakistan’s Finance Minister, presided over the discussions, presentingPakistan announced plans to use surplus energy for crypto mining. The country is keen on the digital assets market and is creating special tariffs to attract more crypto developers. Pakistan will use the surplus power, available at marginal costs, to build crypto data centers. The Energy Department of Pakistan has contacted various stakeholders to implement the plan.
The country wants to attract more investors but needs to balance the power supply so that it will be in a good position to boost the crypto industry. Bitcoin alone is a power-intensive operation, using proof-of-work mining, estimated to consume 130 terawatts per hour (TWh), a rate greater than that used by some countries such as Argentina and the Netherlands.
Pakistan has an estimated 20 million active crypto users and $20 billion in transactions. Its relatively young workforce has a lot of potential for Web3 development and a growing market for tech-savvy young entrepreneurs. The potential for growth in this market is promising and could be enhanced with governmental support.
Awais Leghari, Federal Minister of Energy, met with Bilal Bin Saqib, executive of the Pakistan Crypto Council (PCC), to discuss how crypto mining could use Pakistan’s excess electricity.
Bitcoin mining can only work if electricity is affordable. The process consumes a lot of energy and reportedly consumes 60% of a miner’s income. Pakistan could offer attractive tariffs to bring down the cost of electricity. This move may attract more investors worldwide to invest in the new industry.
2021 China banned the mining industry, citing concerns about power consumption and environmental impacts. Many countries, such as China, have noticed Bitcoin’s high energy consumption and have introduced tariffs or banned the technology outright.
In October 2024, Teheran faced multiple blackouts for weeks, with many citing mining operations as the cause. Iran offers electricity discounts for crypto miners but frequently shuts down operations with high electricity demand.
Pakistan has a young working population, 60% of the 240 million population under 30 years old. The blockchain industry is popular amongst younger workers and may provide more job opportunities for people.
The government wishes to engage with the PCC and get them to reach out to all crypto stakeholders in Pakistan, providing access to key individuals in the industry and creating a space for public officials to work directly with the private sector. The Pakistani government wishes to collaborate with the sector and encourage teamwork.
“This is the beginning of a new digital chapter for our economy,” said a government official. We are committed to building a transparent, future-ready financial ecosystem that attracts investment, empowers our youth, and puts Pakistan on the global map as a leader in emerging technologies.“
Muhammad Aurangzeb, Pakistan’s Finance Minister, presided over the discussions, presentingPakistan announced plans to use surplus energy for crypto mining. The country is keen on the digital assets market and is creating special tariffs to attract more crypto developers. Pakistan will use the surplus power, available at marginal costs, to build crypto data centers. The Energy Department of Pakistan has contacted various stakeholders to implement the plan.
The country wants to attract more investors but needs to balance the power supply so that it will be in a good position to boost the crypto industry. Bitcoin alone is a power-intensive operation, using proof-of-work mining, estimated to consume 130 terawatts per hour (TWh), a rate greater than that used by some countries such as Argentina and the Netherlands.
Pakistan has an estimated 20 million active crypto users and $20 billion in transactions. Its relatively young workforce has a lot of potential for Web3 development and a growing market for tech-savvy young entrepreneurs. The potential for growth in this market is promising and could be enhanced with governmental support.
Awais Leghari, Federal Minister of Energy, met with Bilal Bin Saqib, executive of the Pakistan Crypto Council (PCC), to discuss how crypto mining could use Pakistan’s excess electricity.
Bitcoin mining can only work if electricity is affordable. The process consumes a lot of energy and reportedly consumes 60% of a miner’s income. Pakistan could offer attractive tariffs to bring down the cost of electricity. This move may attract more investors worldwide to invest in the new industry.
2021 China banned the mining industry, citing concerns about power consumption and environmental impacts. Many countries, such as China, have noticed Bitcoin’s high energy consumption and have introduced tariffs or banned the technology outright.
In October 2024, Teheran faced multiple blackouts for weeks, with many citing mining operations as the cause. Iran offers electricity discounts for crypto miners but frequently shuts down operations with high electricity demand.
Pakistan has a young working population, 60% of the 240 million population under 30 years old. The blockchain industry is popular amongst younger workers and may provide more job opportunities for people.
The government wishes to engage with the PCC and get them to reach out to all crypto stakeholders in Pakistan, providing access to key individuals in the industry and creating a space for public officials to work directly with the private sector. The Pakistani government wishes to collaborate with the sector and encourage teamwork.
“This is the beginning of a new digital chapter for our economy,” said a government official. We are committed to building a transparent, future-ready financial ecosystem that attracts investment, empowers our youth, and puts Pakistan on the global map as a leader in emerging technologies.“
Muhammad Aurangzeb, Pakistan’s Finance Minister, presided over the discussions, presenting
