Why is IMF thinking nothing good can come out of bitcoin? They only believe in their monetary system. Pakistan is planning to allocate 2000 megawatts of electricity for bitcoin mining but I saw IMF move against it now.
https://cointelegraph.com/news/imf-concern-pakistan-bitcoin-mining-power-planAlthough I think 2000 megawatts may be too much but why is IMF like to be a bitcoin critic? I think if it something related to their fiat, they may not say anything.
What is your opinion about this?
Before you post, know that 2000 megawatts can power some small nations.
The Pakistani government is making unserious claims. The country’s power sector is in total disarray — heavily subsidized, chronically in debt, and barely functional. Rolling blackouts are a regular occurrence, especially in the summer, due to severe generation shortfalls. And let’s not forget: Pakistan is teetering on the edge of sovereign default.
So where exactly are they going to find 7% of the nation’s total electricity capacity to dedicate to Bitcoin mining? Even if they shut down factories to free up power, the outdated grid infrastructure might not survive the sustained load. We’ll likely see fireworks — and not the celebratory kind — exploding out of substations.