Pakistan has become the latest country to explore bloc reward mining with excessive electricity amid the economic crisis that has reduced electricity demand in South Asian countries.
The new initiative is spearheaded by the recently formed Crypto Council of Pakistan, whose obligations are related to making the country a hub for digital assets. CEO Bilal Bin Saqib told Reuters that the government will also promote the development of AI (AI) data centres for surplus electricity.
The location of the facility is based on the availability of electricity in various regions. Currently, Khyber Paktanwa Province in the northwest leads in electricity production, most of which are sourced from hydroelectric power plants.
Pakistan has been disrupting the electricity sector in recent years. Since 2021, electricity prices have skyrocketed by more than 150%, forcing many to explore alternatives to the grid across the country. Wind and solar energy recorded the spikes used, and with them the demand for electricity has declined.
The result is surplus electricity, and the government still has to pay under long-term contracts with independent power producers.
It is this power that the Pakistani government wants to channel into BTC block reward mining and AI data centres.
In his role as head of Pakistan’s Crypto Council, Saqib will be at the forefront of the initiative. Since taking over the role, he has advocated for the adoption of digital assets in South Asia’s second-most populous country. Last month, he said in an interview that Pakistan is ready to embrace blockchain and is “sitting on the sidelines.”
Speaking about the latest mining push, Saqib noted that the country has up to 20 million digital asset owners.
“Pakistan is in the top 10 global crypto adopters despite it being unnormalized,” he said.
Pakistan is not the only country to explore BTC mining with surplus energy. This says that supporters are generally positive for their country. However, a recent study published in Atomic Scientist’s Breaking News concluded that these claims were “myopic and inappropriate.” Researchers found that BTC mining provides short-term benefits in the region, but “stopping significant investments in storage and grid infrastructure.”
Korean gambling scam hid behind the BTC mining facade
In South Korea, authorities have broken illegal gambling schemes pose as BTC mining operations.
Police in Gwangju, a metropolitan city in southwestern South Korea, have unearthed a game room with over 50 gaming consoles, although thought to live with unlicensed block reward miners. Local reports say the operation was traded nearly $100,000.
The owner was identified only as Mr. A and was accused of violating the gaming industry promotional laws. He allegedly charged a client of 50,000 won ($35) per hour to use the console.
“We will actively block illegal arcades from reopening or spreading even after cracking down on them,” commented police chief Jeong Gyeong-Ho.
The latest attack was not related to “Crypto,” but authorities around the world have announced dozens of busts in the past week, including digital assets.
On Friday, Hawaiian authorities issued vigilance and warned residents from a rising wave of pigs slaughtering “crypto” fraudsters. Most scammers bring it as online friends and romantic benefits before tempting victims to false investments, including digital assets.
In Israel, cybersecurity company Brand Shield has released a new report revealing that legal trading platforms or websites impersonating celebrities have recorded an 800% surge in the past year. Brandshield CEO Yoav Keren said the rapid advances in AI have exacerbated the threat as it has become cheaper and easier to use.
“This poses a serious threat and makes it difficult for users to tell them what is real and what is fake,” he said.
This rise in “crypto-related” fraud has led to an increase in public distrust of digital assets, Kellen added.
One of the most popular means of “crypto” scammers is the BTC ATM. This increases the anonymity of the fraudsters and relies on little to the victim. In 2023, US casualties alone lost $114 million through these ATMs.
The American nonprofit AARP, focusing on retired people, has introduced new laws in the Rhode Island Senate targeting BTC ATMs. In the case of reported fraud, operators must issue extensive disclosures prior to the transaction and impose daily restrictions and refunds.
Watch: Gorilla Pool offers end-to-end solutions for ASIC mining
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