Pakistan Government Funding Two Bitcoin Mining Farms
The Pakistan government is to fund two state-backed Bitcoin mining farms in the Khyber Pakhtunkhwa (KP) province.
According to local press, KP advisor for Information Technology Ziaullah Bangash said ‘the provincial government had passed a new law approving the release of funds needed to establish a mining plant.’
The news that the local government there is backing a Bitcoin mining plant comes just a month after the KP Assembly was the first in the country to legalize Bitcoin trading and mining in Pakistan.
The province will be mining Bitcoin (BTC) for profit, and it is hoped the proceeds will energize the local economy.
There are no details as yet how big the mining farms will be or how much Bitcoin hashrate they will generate, but the KP state will be fully backing the project.
The main problem for the KP government, however, might be overcoming the country’s long-running electricity crisis, as severe electricity shortages and power cuts are a common occurrence throughout the country.
Pakistani Influencer Waqar Zaka To Launch Mining Farm For Pakistani Investors
Bangash also said the doors were now open for individual miners as the state would ‘issue no-objection certificates to people who want to mine for the currency on their own as well.’
And Pakistani influencer Waqar Zaka, who has long fought for the rights for Pakistanis to have the right to mine Bitcoin, announced his launch of a private Bitcoin mining farm.
Zaka said he was delighted to be finally launching a Bitcoin mining farm, something the general public would be able to invest in and earn part of the profits.
‘Finally, my dream project is approved,’ said Zaka. ‘After years of struggle, I am launching the biggest Crypto mining Farm in KPK where you all can invest and earn.’
Bitcoin Game Theory Playing Out
It’s not known how big the KP mining farms will be. However, it’s a significant step by a state government and plays right into the game theory many prominent Bitcoiners have predicted for many years.
We are seeing the Bitcoin game theory play out on the institutional level, after MicroStrategy announced it was adopting a Bitcoin standard and sped up the interest of pretty much every CEO around the world.
Bitcoin game theory is basically a domino rally for Bitcoin network adoption. We saw MicroStrategy invest a large amount of its balance sheet into Bitcoin, and although some CEOs had probably contemplated it before, they are all looking into Bitcoin now thanks to the bold move by MicroStrategy CEO Michael Saylor.
No large publicly traded company wanted to be first, but now MicroStrategy has jumped in at the deep end, nobody dare be last. And we are now seeing the likes of PayPal, MassMutual and Guggenheim Investments all announce a position in Bitcoin.
The institutional level game theory is playing out, and we can expect larger corporations to join in soon.
The KP announcement is sovereign game theory playing out. It’s starting small on a state level, but eventually federal governments will announce they’re holding Bitcoin as part of their holdings.
And when the first government announces that, we will see domino rally at state level, just as MicroStrategy has done at corporate level, and just like Satoshi did at retail level.
Question is: Which government will be the first to announce it is holding Bitcoin? Iran is a favourite as it has already announced state backing for its own Bitcoin mining farms.