Sunday, April 14, 2024

Govt of KPK Plans to Develop Pilot Cryptocurrency Mining Farms

A minister overseeing a new government crypto strategy told on Wednesday that the Pakistani province of Khyber Pakhtunkhwa is preparing to develop two hydroelectric-powered pilot “mining farms” to capitalize on a bullish global cryptocurrency market.

The announcement comes as cryptocurrencies gain mass recognition, with Bitcoin’s price hitting record highs as investors such as Elon Musk pump money into it, and Morgan Stanley being the first major U.S. bank to sell bitcoin funds to its wealth management clients.

Crypto mining farms involve major investments in machine data centers that consume a lot of electricity.

Pakistan has created a federal committee to draft a new crypto strategy, amid India’s plans to outright ban cryptocurrencies. The mining project’s cost has yet to be calculated.

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