akistan has announced a new national plan to mine bitcoin with 2,000 megawatts 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.
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 this month.
“Bitcoin’s latest all-time high is no surprise to those who understand its long-term fundamentals”
Seamus Rocca, chief executive of Xapo Bank, comments.
“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.”
  According to the Economic Survey (2023-24), Pakistan’s power production capacity stands at 42,131 MW – almost double its domestic electricity demand. Yet Pakistan remains the only South Asian country facing chronic power shortages, with load-shedding rampant even in major cities like Karachi. A Bloomberg report revealed that after electricity rates were sharply increased in May 2024 to secure an IMF bailout, powering a home in Pakistan can cost more than renting one.
  The incongruity of ample energy supply amid persistent shortages and skyrocketing costs has reignited public criticism of Pakistan’s Independent Power Producers (IPPs), particularly Chinese IPPs under the China-Pakistan Economic Corridor (CPEC). At the heart of the issue are the high “capacity payments” mandated by Power Purchase Agreements (PPAs), which obligate the government to pay the IPPs regardless of electricity consumption or even production. The public has increasingly demanded renegotiation of these agreements, especially with CPEC power projects, to address inflated tariffs and reform Pakistan’s power sector.
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