Pakistan Seeks to Attract crypto Miners with Special Tariffs
Pakistan is crafting special electricity tariffs to lure cryptocurrency mining operations.The country aims to utilize its surplus power generation capacity. The Power Division is working with stakeholders to create attractive rates without subsidies.
This initiative coudl appeal to crypto miners, who typically spend 60-70% of their earnings on electricity. Pakistan’s excess power offers a competitive edge. Power Minister Awais leghari met with Bilal Bin Saqib, CEO of the Pakistan Crypto Council (PCC), to discuss leveraging excess electricity for global miners. The PCC, chaired by Finance Minister Muhammad Aurangzeb, sees potential in Bitcoin mining. They aim to turn liabilities into assets by using surplus electricity.
Regulatory clarity is crucial for the sector’s growth. The council plans to learn from global practices while adapting to local conditions. They discussed regulatory frameworks, licensing, and a national blockchain policy. The council seeks to protect consumers and promote blockchain mining.
- Developing special tariffs for crypto miners
- Using surplus electricity for Bitcoin mining
- Creating a national blockchain policy
Various countries have different approaches. China banned mining due to environmental concerns.Kazakhstan welcomed miners but later raised tariffs. El Salvador offers low-cost geothermal energy. pakistan’s strategy contrasts with these approaches.
Dawn reported on the discussions. The council agreed to develop frameworks for consumer protection and licensing. Pakistan’s approach aims to balance energy use and economic benefits.
