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…. unless Pakistan gets rid of IMF with a major shift in policy or strategy.
The IMF won't mind that as long as government is imposing heavy taxes on electricity consumers. IMF is concerned about its loan repayment which is usually done in the country by imposing high taxes on general public. Due to solar power generation, there is ample electricity available in Pakistan and government is in position to facilitate Bitcoin mining along with other emerging technologies data centres.