KARACHI: Pakistan’s first crypto entrepreneur and tech activist Waqar Zaka is planning to build Pakistan’s first cryptocurrency mining farm using hydropower to capitalise on a bullish global crypto market.
In a recent video uploaded on his Facebook, Waqar Zaka gave his fans an exclusive tour of his hydroelectric-powered pilot mining farms. “After years of struggle, I am launching the biggest crypto mining farm in KPK where you all can invest and earn,” he said.
The social media influencer also thanked Ziaullah Bangash, adviser to the provincial government on science and technology for his legal backing. Crypto mining farms involve large investments in computer data centers that require vast amounts of power.
Pakistan has formed a federal committee to formulate a new crypto policy, even as neighboring India is planning to ban cryptocurrencies entirely. The cost of the mining project has yet to be determined.
Both mining and trading in cryptocurrencies currently exist in a legal grey area in Pakistan, though, and federal authorities would have to provide a clear path towards legalising the sector before it could be formally opened to investors.
