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Business & Finance

KP eyes to utilize hydropower for cryptomining

  • The first meeting of the KP Crypto Advisory Committee held at KPITB. KP government on the directions and guidance of Chief Minister KP Mahmood Khan is taking serious steps regarding cryptocurrency and crypto mining.
18 Mar 2021

Advisor to Chief Minister Khyber Pakhtunkhwa on Science and Technology & Information Technology, Zia Ullah Bangash has said that province endowed with ample hydropower resources can be use for cryptomining.

“The weather in KP is beneficial for cryptomining. KP has innumerable hydropower potentials and all these facilities are essential for cryptomining,” Bangash said in a tweet post.

The first meeting of the KP Crypto Advisory Committee held at KPITB. KP government on the directions and guidance of Chief Minister KP Mahmood Khan is taking serious steps regarding cryptocurrency and crypto mining.

“We're consulting with all stakeholders and experts for this initiative,” said Bangash.

During the meeting of advisory committee, it was decided that sub-committees would be formed to deal with various issues. Blockchain committee, technical committee and a coordination committee were set up to assist and provide technical support to main committee.

The advisor informed that blockchain committee will review various technical matters. The scope is reviewing use of this technology in various government departments.

Members of coordinating committee include members of KP Assembly and tech members, who will discuss policy with stakeholders, SBP, FBR and other agencies, he said.

The advisor informed that the technical committee has been directed to submit a detailed report on installation of hydropower including cryptomining farms. “Seminars on this subject would be organized soon to create awareness among people. Directed sub-committees set up to present their suggestions in next meeting,” said Bangash.

Last year in December, the KP government unanimously passed the resolution to legalize cryptocurrency and crypto mining. The resolution urged the KP assembly to ensure that Pakistan stays up to date with advancements in digital technology around the globe.