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Pakistan's ambitious plan to leverage surplus electricity for cryptocurrency mining faces indefinite delay after the International Monetary Fund (IMF) rejected proposed power subsidies. The country's Power Division had sought to offer industrial electricity at 22-23 Pakistani rupees (≈$0.08) per kWh to energy-intensive sectors including Bitcoin mining operations.
Power Secretary Fakhre Alam Irfan revealed to Senate energy committee members that IMF officials opposed the scheme, warning it could destabilize Pakistan's fragile energy market. ——This marks the second major setback for the nation's digital asset ambitions within three months—— following earlier tax incentive proposals.
【Key Data】The rejected plan would have allocated 2,000MW of winter surplus power specifically for Bitcoin mining and AI data centers. Officials estimated the initiative could generate $370 million annually in foreign exchange earnings.
Despite the IMF's stance, discussions persist with World Bank and other international partners. Interestingly, the Power Division maintains the proposal could help absorb 【58%】of Pakistan's idle generation capacity during low-demand seasons.
——We're refining the economic models to address their concerns—— an anonymous Energy Ministry official disclosed, noting revised proposals may emerge by Q4 2025.
The setback hasn't derailed Pakistan's broader crypto strategy. Finance Minister Muhammad Aurangzeb confirmed ongoing work to establish a national Bitcoin reserve, including exploring DeFi yield generation——a controversial approach given recent protocol vulnerabilities.
【Context】This development follows MicroStrategy's Michael Saylor advising Pakistani officials in May on Bitcoin treasury strategies, though critics question the timing given BTC's 【17%】 quarterly volatility.
The impasse highlights Pakistan's delicate balancing act between energy sector reforms and technological modernization. With 【$23 billion】 in IMF debt obligations, the government faces tough choices between short-term stabilization and long-term digital transformation goals.
Industry observers suggest the mining proposal may resurface after Pakistan completes its current IMF program in 2026, though cryptocurrency's regulatory landscape could shift dramatically by then.