Pakistan Government starts mining Bitcoin with tax dollars
The Pakistan economy has been suffering for the last few years, not unlike many countries these days. One of the four Pakistan providences is investing in Bitcoin mining to change this.
The Khyber Pakhtunkhwa providence bought two Bitcoin mining farms a week ago.
Pakistan recently adopted Crypto friendly laws prior to this announcement. While many countries have started to turn to crypto, no other country has used government funds to participate in mining crypto currencies. Iran said they would invest in Bitcoin mining last year but so far has not done so.
How do you feel if governments started to use taxes to pay for mining equipment to start compete with other miners. While it is extremely bullish, it brings with it some interesting concerns.
Pakistan has been known to have frequent power problems and recently had the largest power failure around the same time the government started mining although not related.
Most of Bitcoin mining is done in China where they have extremely low power costs due to a surplus of mega dams built in the 1950's.
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