IMF Shuts Down Pakistan's Crypto Mining Power Play!

Pakistan's Bold Bid for Cheap Crypto Juice Gets the Cold Shoulder

Hold onto your hats, crypto fans! The International Monetary Fund just threw a wrench into Pakistan's plans to power up its crypto mining scene with some sweet, sweet subsidized electricity. Despite dreams of harnessing 2,000 megawatts of surplus power, the IMF wasn't having it.

Senate Showdown: Power Secretary Spills the Beans

In a fiery session with the Senate Standing Committee on Power, led by the fierce Senator Mohsin Aziz, Power Secretary Dr. Fakhray Alam Irfan laid it all out. He spilled the tea on the government's slick moves to sweet-talk the IMF into slashing those electricity tariffs for the crypto crowd and other energy-hungry industries.

IMF Says "No Way, José!" to Crypto Subsidies

Dr. Irfan didn't hold back, explaining how they wanted to juice up economic activity by offering those juicy, reduced electricity rates to the crypto miners and other power guzzlers. But the IMF? They weren't buying it. They shot down the idea faster than you can say "blockchain," warning that such subsidies could throw a monkey wrench into the energy market and put even more pressure on the power sector's already shaky finances.

Pakistan's Crypto Dreams: From 2,000 Megawatts to Nada

Remember when Pakistan was all set to dedicate a whopping 2,000 megawatts of surplus electricity to Bitcoin mining and AI data centers? Yeah, that was part of their grand plan to attract foreign cash, create tech jobs, and put that idle power to work. But with the IMF's latest move, those dreams are looking more like a distant fantasy.

IMF Keeps Slapping Down Pakistan's Crypto Power Plays

And this isn't the first time the IMF has rained on Pakistan's crypto parade. Last September, they tried to float a six-month electricity deal at a rock-bottom rate of Rs 23 per kilowatt-hour to keep the crypto miners happy. But the IMF only agreed to a measly three-month plan, worried that such incentives might mess with the market's mojo.

Then, in November, they went for a targeted subsidy to get people to gobble up that surplus electricity. But the IMF? They shot that down too, calling it a sector-specific tax holiday that could throw the economy out of whack.

Power Secretary's Promise: The Fight Ain't Over Yet!

Despite these setbacks, Dr. Irfan didn't back down. He told the committee that they're still in the ring, duking it out with the IMF and other international bigwigs to find a way to make this work. So, keep your eyes peeled, crypto fans - this story's far from over!