Pakistan is confronted with a new energy conundrum after decades of shortages. We produce much more energy than we need. But we have no way of putting it to use without a distribution and grid system.
I understand that this one could have gotten lost in the shuffle of issues. Such as circular debt, IPP power contracts, and the constant adjustments. Debates about energy tariffs. Others can find it difficult to accept that we’re generating more than we need. Because the agony of summer load shedding is still fresh in their minds. Regardless of one’s feelings, the fact remains that Pakistan now produces more electricity than it consumes. According to Tabish Gauhar, the Prime Minister’s Special Assistant on Power, Pakistan might already have 50% more capacity than demand.
And, to add insult to injury, even though Pakistan is unable to use the surplus energy it produces. The government is obligated to pay for it even though it is not used.
Pakistan could produce $35 billion worth of Bitcoin Mining per year using this energy. The new S19 Pro Antminer (assuming 10,000MW of surplus energy available at $0.12 per kW/hour).
Simply put, we will be able to repay our external debt in two years.
If JP Morgan’s prediction of Bitcoin Mining hitting $146,000 comes true, Pakistan would benefit by about $110 billion.
And don’t even ask me what we’ll do if Mike Novogratz is right – the possibilities are endless.
Many crypto sceptics are now wondering what will happen if Bitcoin will be worthless. And, considering the current controversy about the future of crypto currencies, it is a legitimate query.
The good news is that even if Bitcoin loses all of its value, as some critics have speculated. The government already pays for excess oil.
So whatever revenue Pakistan is able to produce from this excess energy.
I’m sure sceptics would point out. That our most recent technological breakthrough is the ability for people to open digital accounts, and we’re still celebrating that.
Yet I’m optimistic. After all, Pakistan’s Minister of Science and Technology. Fawad Chahudhry, has approved the use of Cannabis for industrial purposes and is building a space museum in Islamabad.