- The Khyber Pakhtunkhwa (KP) province is looking forward to its planned setup of two state-backed Bitcoin mining firms
- The recent bill passed by the provincial parliament allows the government to uses its money for setting up the mining services
- The long-running electricity crisis in Pakistan might prove to be a barrier in the setting up of the mining farms
The government of Pakistan’s third largest semi-independent regions, Khyber Pakhtunkhwa (KP), recently made a historic decision. The local media reports claimed that this government is establishing two state-funded mining farms of Bitcoin.
The provincial bill passed by the Parliament
KP chief minister’s counsellor, Ziaullah Bangash, stated that the provincial parliament has recently passed a bill regarding access to mining facilities. The bill allows the KP government to employ its own money to set up the mining facilities.
Recently, the province had legalised the process of crypto mining. BOL News, a local media organisation claimed that since the legalisation, it will now be mining Bitcoin for profit. However, no details were provided about the potential of these mining farms. In fact, even the funds intended to be invested by the state were not disclosed.
It is worth noting that this respective province had previously recommended friendly crypto laws in Pakistan.
Ziaullah further added that the KP assembly passed a no-objection certificate separately. The respective certificate authorised individuals to mine cryptocurrency along with issuing their own digital assets.
Waqar Zaka announces his entry in crypto-related ventures
Waqar Zaka, a Pakistani VJ-turned-television host, through a tweet announced his plan to launch the biggest crypto mining farm in KPK. He even praised Ziaullah Bangash for his legal support. In response, Ziaullah proclaimed that they will be seeking help from Waqar in the mining plans of KP administrations.
The long-running electricity crisis of Pakistan
Though benefits from bitcoin mining are likely to help in upliftment of Pakistan’s ailing economy, KP must prioritise the settlement of the country’s long-running electricity crisis. Lately, Pakistan has been suffering from severe shortages in electricity, the power cuts have become the new normal.
The Financial Times reported on the same addressing how the entire country had darkness all over on last Saturday. Meanwhile, the authorities ended up blaming the blackouts on a technical fault at the southern power plant of the country. Eventually, on Sunday the power was restored in bits.
Usually, BTC mining is considered as an energy-intrusive venture, but what remains noteworthy is that it also requires consistent supply. Therefore, KP’s weather might prove to be the best for bitcoin mining because of its mountainous, cool region.
Now, it will be interesting to observe if the KP administration will prove to be successful in availing enough energy to sustain a beneficial operation.
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