As accorded under the newly formed Crypto Advisory Committee, the government of Khyber Pakhtunkhwa is now planning to set up two hydroelectric-powered “mining farms” to exploit the global cryptocurrency market.
Advisor to the Chief Minister on Science & Technology and Information Technology, Zia Ullah Bangash, told Reuters about the new project, further suggesting that the country intends to regulate cryptocurrencies as soon as possible.
ALSO READ
CM Buzdar Approves Punjab Sahulat Bazaar Authority
The cost of the hydroelectric project has yet to be determined, but Bangash suggests there’s significant movement along the sidelines, where local investors are personally going the extra mile to help the government create an ideal ecosystem for doing business with cryptocurrencies.
PESHAWAR, Pakistan – The Pakistani province of Khyber Pakhtunkhwa is planning to build two hydroelectric-powered “mining farms” to capitalise on a bullish global cryptocurrency market, a minister overseeing a new government crypto policy told Reuters. https://t.co/5XvkX5GOUM
— Johan Elmquist 🌻 (@Johan_Elmquist) March 18, 2021
He said,
People have already been approaching us for investment, and we want them to come to Khyber Pakhtunkhwa, earn some money and have the province earn from that as well
ALSO READ
Cryptocurrencies Rise As Global Market Cap Nears $2 Trillion
The mining farms feel like a long shot for most people since cryptocurrencies need a little touch of “legal clarity” before anything.
Still, crypto-trade thrives in Pakistan mostly through peer-to-peer banking (P2P), with apps such as Binance and Coinbase, which are reportedly among the most popular downloads in the country.
extremely stupid idea. it is all dependent on market fluctuation
chal nikal aya bara einstein
Cryptocurrency is volatile commodity. It is used in money laundering. All countries are launching their own digital currencies which will destroy cryptocurrency and mining operation
So KP govt. has been advised to set up a mining farm, which is significant investment in its own.On top of that, they will utilise hydroelectric dams to power these farms, which is a huge investment also. And what will they mine now? All popular cryptos are saturation point, where mining is no longer profitable. Plus how much time have they calculated to get the return on investment (500 years?). Wouldn’t it be more sensible to sell the electricity to National grid instead.
Pechlay 10 saal say yeahi sun raha houn, mining ab profitable nahin rahi blah blah. har saal price upper hi ja rahi hai BTC ki.
Cryptocurrency regulation is the need of the hour because unless it is regulated, it can’t obtain Shariah eligibility status as per the consensus of Shariah scholars. So investors, academia and technology enthusiasts are eagerly waiting for its regulation.
Good job
I am a pakistani with Canadian Citizenship. There are very few Pakistanis who can say this I have 4 mining farms in Venezuela and no these are not small farms either. Currently writing this from Venezuela. Bitcoin Mining is profitable based on cost of electricity so if they are doing it in KP all will depend on what is cost to build the hydro power plant and yes the argument is very correct that it is senseless that Pakistan has over 10 cents per KWH of electrical cost and it will do Btc mining. Btc mining is very profitable today If your electricity cost is below 4 cents per KWH. but anything above this price than longer term It will become less and less profitable and will come time that it becomes a loss operation. Than at that time which can be any week of the year all these machines become junk in Pakistan.