CoinInsight360.com logo CoinInsight360.com logo
America's Social Casino
crypto.news 2025-03-22 15:44:00

Pakistan eyes surplus power use for crypto mining: report

Pakistan is developing special electricity tariffs to attract cryptocurrency mining operations as part of a strategy to use the country’s surplus power generation capacity. According to a report by Dawn , the Power Division is consulting with various stakeholders to create attractive electricity rates for these industries without introducing subsidies. The initiative plans to use excess power production while reducing capacity payments. This approach could appeal to cryptocurrency miners, who generally spend 60-70% of their earnings on electricity costs. Pakistan’s current surplus electricity situation offers potential competitive advantages. Power Minister Awais Leghari recently met with Bilal Bin Saqib, chief executive of the newly formed Pakistan Crypto Council (PCC), to discuss opportunities for global crypto miners to leverage Pakistan’s excess electricity. This was followed by the PCC’s inaugural meeting chaired by Finance Minister Muhammad Aurangzeb and attended by key financial regulators. You might also like: Tether eyeing ‘Big Four’ firm for reserve audit: CEO Pakistani council discusses crypto potential During the meeting, Saqib presented a vision for “leveraging Pakistan’s surplus electricity for Bitcoin ( BTC ) mining, potentially turning the country’s liabilities into assets.” The council discussed Pakistan’s untapped potential in the cryptocurrency space. They also identified regulatory clarity as a key requirement for unlocking the sector’s full potential. The council agreed to learn from global best practices while ensuring business and revenue models are adapted to local conditions. They also discussed the development of regulatory frameworks, legislation, and licensing regimes for consumer protection, blockchain mining, and a national blockchain policy. Pakistan’s approach to cryptocurrency mining comes as various countries have taken different approaches to the energy-intensive industry. China, once the global hub for Bitcoin mining, banned the practice in 2021, citing environmental concerns and power shortages. Kazakhstan initially welcomed crypto mining but later imposed higher electricity tariffs and taxes due to energy shortages. El Salvador, the first country to adopt Bitcoin as legal tender, provides miners with low-cost geothermal energy from volcanoes. Read more: Coinbase in ‘advanced’ talks to acquire Deribit: report

Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.