Pakistan has allocated 2,000 megawatts of electricity for bitcoin mining and artificial intelligence (AI) data centers, as announced by the finance ministry. This energy will be sourced from coal-fired power plants currently operating at just 15% efficiency, according to a report by Bloomberg. The initiative, driven by the Pakistan Crypto Council, aims to turn underutilized energy into an economic opportunity, creating jobs in the tech sector and attracting foreign investments. Additionally, the country is progressing towards a regulatory framework to support an estimated 15 to 20 million cryptocurrency users.

What You Need to Know:

• The initiative is expected to enhance Pakistan’s economy by capitalizing on surplus electricity.
• The government hopes to create technology-related jobs and draw foreign investments to recover from economic instability, which nearly led to a default in 2023.
• A regulatory framework is in development to better support the rapidly growing cryptocurrency market in Pakistan.