Bitcoin gets an official push because this South -Asian nation 2000 MW assigns surplus energy for mining

The Ministry of Finance of Pakistan unveiled plans on Sunday to assign 2000 Megawatt electricity to the power Bitcoin BTC/USD Data centers for mining and artificial intelligence.

What happened: The move is part of the strategy of the South Asian nation to use its surplus electricity for mining activities – a way in which new BTC is put into circulation, as reported by Reuters.

The initiative is led by the Pakistan Crypto Council, a regulatory body supported by the government that is responsible for promoting block chains and digital assets in the country. According to the Ministry of Finance, the aim is to use excess electricity to create high -tech vacancies and to attract foreign investments.

Why it matters: Pakistan’s energy sector has long been struggling with difficulties such as excessive electricity prices and surplus production capacity, according to For Dawn, the largest English newspaper in Pakistan.

Miners help to stabilize a power system by encouraging their activities when there is excess electricity capacity and reducing it considerably when there is a need for increased use under unfavorable weather conditions.

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Pakistan has made joint efforts to spread his wings in the cryptocurrency room. Last month it came in Changpeng ZhaoThe co-founder of the world’s largest cryptocurrency exchange BinanceAs the strategic adviser of the Pakistan Crypto Council.

The body also drew a pact with World Liberty Financial, A cryptocurrency platform supported by President Donald TrumpTo “accelerate” blockchain innovation in the Asian country.