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Pakistan will establish two state-owned Bitcoin mining farms to help boost the economy

Local media reported last week that the government of Khyber Pakhtunkhwa (KP), the third largest of Pakistan’s four semi-autonomous provinces, is establishing two state-backed Bitcoin mining farms.

Ziaullah Bangash, adviser to the Chief Minister of Science and Information Technology of KP, said the provincial assembly passed a bill allowing the KP government to use its own funds to build mining facilities.

According to local media organization BOL News, since the legalization of crypto mining, the province will mine Bitcoin (BTC) for profit. No detailed information was provided about the capacity of the mining farm or the state’s intention to invest in the project. This particular province has previously advocated Pakistan’s friendly encryption law.

According to Bangash, the KP conference also passed a separate no-objection certificate, allowing individuals to mine cryptocurrencies and issue their own digital assets. This development coincides with the establishment of a private Bitcoin mining farm by Waqar Zaka. Waqar Zaka is a long-term crypto enthusiast who has been committed to developing Pakistan’s crypto industry.

“After years of struggle, I will launch the largest cryptocurrency mining farm in KPK, where everyone can invest and make money,” Zaka Said In a tweet. He thanked Bangash for legal support.Reply, Bangash statement The KP government’s encryption mining plan “will seek the help of Waqar Zaka in the future”.

The profits from Bitcoin mining may help support Pakistan’s plight, but KP must first overcome the country’s long-standing power crisis. Pakistan is facing severe power shortages, and blackouts are not uncommon.

According to the “Financial Times” report, last Saturday, the entire country fell into darkness. The authorities blamed the blackout on a “technical failure” at one of the main power plants in the south of the country. Pakistan only started to restore electricity supply on Sunday.

Now, BTC mining (the process of creating new bitcoins using complex supercomputers) is not only an energy-intensive enterprise, but also requires continuous power supply. KP is located in northwestern Pakistan, in a cool mountainous area bordering Afghanistan. KP may be the best weather for Bitcoin mining. However, does it have enough energy to maintain profitable operations?

What do you think of the Bitcoin mining plan of the Khyber Pakhtunkhwa government? Let us know in the comments section below.

Picture Credits: Shutterstock, Pixabay, Wiki Commons

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