Pakistan is considering utilizing its excess electricity to develop a crypto mining industry and create a regulated digital environment.
Pakistan's Energy Strategy
The government of Pakistan plans to introduce attractive electricity tariffs for crypto mining and blockchain data centers. The goal is to encourage industries to utilize surplus energy and reduce payments to power producers for unused energy. According to Minister of Energy Awais Leghari and CEO of Pakistan Crypto Council Bilal Bin Saqib, possibilities are being considered to attract global crypto miners for efficient use of Pakistani energy resources.
Global Approaches to Crypto Mining
Different countries have different approaches to crypto mining. In August 2024, Russia legalized crypto mining for registered entities, while the US creates favorable conditions in states like Texas and Wyoming using renewable energy sources. China, however, banned crypto mining in 2021 but still leads in global mining power due to underground operations.
Prospects and Challenges
Global investors are showing interest in Pakistan's crypto mining opportunities due to the planned regulatory framework for digital assets. However, significant efforts are needed to create a safe and stable regulatory environment for successful implementation of new initiatives.
Pakistan's initiative in crypto mining could become a strategic opportunity to effectively utilize excess energy and strengthen the country's economic position in the digital industry.
