Pakistan allocates 2,000MW capacity to power bitcoin mining
(May 25): Pakistan has allocated 2,000 megawatts (MW) of electricity in the first phase of a national push to support bitcoin mining and artificial intelligence (AI) data centres, as the country moves to legalise cryptocurrency and attract foreign investments.https://newswav.com/A2505_0VQgsf?s=A_TxUgCaO&language=enIsn’t this move a bit too late? Still, it could be a positive step if executed properly.
However, the bigger concern here is the IMF. I doubt the IMF would support any initiative involving Bitcoin. After all, Bitcoin fundamentally challenges institutions like the IMF and the World Bank, and the policies they enforce.
So while it sounds ambitious, I don’t expect much to come out of it…. Pakistan gets rid of IMF with a major shift in policy or strategy.
What I do know is that Pakistan does not have much power in energy production and management, especially electricity, and that is why there are power outages in many parts of the country, even for a few hours.
Or they should be able to manage the production and consumption of electricity, which is almost impossible given the systematic corruption of the government of this country.
Or they should start buying Bitcoin like the United States, which again, due to embezzlement and corruption, this option may not seem safe and efficient.
Unless, like some countries, they think of importing devices and selling them to people and earning money from this, or they can tax electricity consumption and income from mining and still earn money.