Pakistan has announced a national plan to mine bitcoin with 2,000 megawatts (MW) of excess electricity.
Led by the Pakistan Crypto Council (PCC), the initiative is backed by the Pakistani Ministry of Finance, and follows the recent legalisation of cryptocurrencies in the country.
The PCC has held talks with several mining firms, while also reportedly appointing Binance founder Changpeng Zhao as a strategic adviser in order to push the project forward.
The 2,000 MW of surplus electricity, which will come from three underused coal-powered plants, could generate up to 17,000 BTC per year – equivalent to $1.8 billion at current prices – according to estimates from bitcoin mining researcher Daniel Batten.
Pakistan has an estimated 15 to 20 million cryptocurrency users, with the latest project aimed at stimulating investment in the space.
The PCC said the programme will “monetise unused energy, create high-value jobs, attract billions of dollars in foreign direct investment, and increase public revenues,” according to local reports.
The decision to allocate surplus electricity for bitcoin mining comes amid a broader trend of crypto adoption and integration from institutions and governments around the world.
This move away from a fringe asset class has helped push bitcoin to new highs, with a record-breaking rally seeing its price rise above $110,000 for the first time in its history last week.
“Bitcoin’s latest all-time high is no surprise to those who understand its long-term fundamentals,” Seamus Rocca, chief executive of Xapo Bank, told The Independent.
“This moment reflects growing institutional conviction, a more constructive regulatory outlook, and the continued maturity of the asset. But importantly, it is not bitcoin’s defining moment; it is one of many to come.
“With rising institutional participation, greater understanding of the asset among governments, and new ways for people to store, transact and grow their digital wealth, bitcoin is steadily cementing its role as a cornerstone of the future financial system.”
