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Pakistan Plans to Use Surplus Energy to Fuel Bitcoin Mining and Grow Its Digital Sector

Highlights:

  • Pakistan plans to use surplus power to attract Bitcoin miners and boost its digital and energy sectors.
  • The Pakistan Crypto Council and officials outlined a mining roadmap including licensing and pilot projects.
  • Pakistan is working to legalize cryptocurrency and create a Bitcoin Strategic Reserve to draw global investors.

The government of Pakistan is working to attract bitcoin mining operators by using its surplus electricity. The goal is to reduce the country’s capacity payments in the energy sector and bring new investment into the economy. According to a report by Dawn, the Ministry of Energy’s power division has already started talks with key stakeholders. These discussions focus on creating a special electricity tariff designed for sectors such as cryptocurrency mining.

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The report adds that the government wants to draw miners without using public subsidies. Dawn also noted that bitcoin miners globally spend around 60 to 70% of their mining revenue on electricity. This makes it attractive for miners looking to lower their operating costs, as Pakistan has an excess energy supply.

Pakistan Crypto Council and Government Discuss Mining Plans

Pakistan is devising a clear strategy to position itself as a hub of bitcoin mining by exploiting its untapped power resources. According to sources, discussions intensified after a meeting between Power Minister Awais Leghari and Pakistan Crypto Council CEO Bilal Bin Saqib.

The council later held its first official meeting, chaired by Finance Minister Muhammad Aurangzeb, with several senior officials present. Attendees included State Bank Governor Jameel Ahmad and the heads of the Securities and Exchange Commission and other ministries.

During the meeting, Saqib outlined a proposal to use Pakistan’s surplus electricity to attract Bitcoin mining companies from across the globe. He highlighted how local policy should be molded according to the market and energy landscape specific to Pakistan.

The finance minister approved the proposal, which he labeled as the first step toward digitizing the country’s economy. The session closed with participants agreeing to create specific guidelines while beginning experimental operations, which would examine the potential of expansive mining operations on a large scale.

Pakistan Unveils Roadmap to Attract Bitcoin Mining and Boost Digital Economy

The Pakistan Crypto Council and government officials have outlined a roadmap. This includes forming a licensing system for crypto miners, creating a national blockchain policy, and building programs to test large-scale mining projects. The nation will employ electricity rate strategies that duplicate international approaches while maintaining national energy safety.

Pakistan’s initiative aims to transform surplus electricity into an economic asset while attracting global miners. The government expects this approach to drive foreign investment and create new opportunities in the country’s growing digital sector.

In a related development, Pakistan is also trying to legalize cryptocurrency in the country in order to attract foreign investment and also to expand the bitcoin digital economy. In an interview with Bloomberg, the CEO of the Pakistan Crypto Council stated that they are coming up with clear rules for the industry. The move followed a high-level meeting between Finance Minister Muhammad Aurangzeb and US officials.

Saqib also confirmed Pakistan’s efforts to lure international investors, miners, and businesses. He added that Pakistan is an affordable and fast-growing market with a pool of skilled Web3 talent. Pakistan wants to create a framework that allows crypto companies as well as miners to operate with confidence.

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