{"id":157748,"date":"2021-01-19T10:27:00","date_gmt":"2021-01-19T07:27:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/why-pakistan-and-the-middle-east-can-bet-on-crypto-mining\/"},"modified":"2021-01-19T10:27:00","modified_gmt":"2021-01-19T07:27:00","slug":"why-pakistan-and-the-middle-east-can-bet-on-crypto-mining","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/why-pakistan-and-the-middle-east-can-bet-on-crypto-mining\/","title":{"rendered":"# Why Pakistan and the Middle East can bet on crypto mining"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3d82edab0ec\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3d82edab0ec\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/why-pakistan-and-the-middle-east-can-bet-on-crypto-mining\/#Pakistani_administration_legalizes_crypto_mining\" >Pakistani administration legalizes crypto mining<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/why-pakistan-and-the-middle-east-can-bet-on-crypto-mining\/#Iran_doubles_down_on_mining\" >Iran doubles down on mining<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Why Pakistan and the Middle East can bet on crypto mining  <\/strong>&#8221;<br \/>\n<img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDEvZjgzYjg1MmEtNjEyYy00ODI3LThlMGUtYTQ3YTk5ZmVkN2JhLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-5a136f3a>It is especially important for countries to become more aware of cryptocurrencies, especially with components like decentralized finance rising in prominence. Now that the Middle East is becoming more mining-friendly, the future suddenly looks bright once again for this region.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Pakistani_administration_legalizes_crypto_mining\"><\/span>Pakistani administration legalizes crypto mining <span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The Pakistani government <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ears to be moving quickly toward a pro-crypto stance. Following a commitment to integrate Bitcoin (BTC) into its financial system last December, the country is taking steps to legalize mining. <\/p>\n<p>Sumera Shams, a member of the provincial assembly in Khyber Pakhtunkhwa, announced on <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a> that the body had voted to pass a law legalizing mining:<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Khyber Pakhtunkhwa&#8217;s Assembly anonymously passed my resolution on <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/Cryptocurrency?src=hash&amp;ref_src=twsrc%5Etfw\">#Cryptocurrency<\/a> &amp; <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/Cryptomining?src=hash&amp;ref_src=twsrc%5Etfw\">#Cryptomining<\/a>. Indeed <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/Pakistan?src=hash&amp;ref_src=twsrc%5Etfw\">#Pakistan<\/a> progressing towards digitalisation to compete the world. Kudos to <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/ZiaBangashPTI?ref_src=twsrc%5Etfw\">@ZiaBangashPTI<\/a> &amp; <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/fawadchaudhry?ref_src=twsrc%5Etfw\">@fawadchaudhry<\/a> for their hard work and dedication in the field. <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/id2LUnnGBo\">https:\/\/t.co\/id2LUnnGBo<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/TbQvYDsMEl\">pic.twitter.com\/TbQvYDsMEl<\/a><\/p>\n<p>\u2014 Dr Sumera shams (@SumeraShams) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/SumeraShams\/status\/1334149074774159360?ref_src=twsrc%5Etfw\">December 2, 2020<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Khyber Pakhtunkhwa is one of the major provinces in Pakistan. It is located in the country\u2019s northern region and is a driving force behind the country\u2019s development. According to further <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/ZiaBangashPTI\/status\/1334111818348974080?ref_src=twsrc%5Etfw\">confirmation<\/a> from Zia Ullah Bangash, chief advisor on <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/sciencee\/\" data-internallinksmanager029f6b8e52c=\"5\" title=\"Science\" target=\"_blank\" rel=\"noopener\">science<\/a> and information <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/technology\/\" data-internallinksmanager029f6b8e52c=\"4\" title=\"Technology\" target=\"_blank\" rel=\"noopener\">technology<\/a> to the region\u2019s chief minister, the area voted to legalize mining.<\/p>\n<p>Local <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">news<\/a> sources claimed that the assembly had passed a draft legislation showing a commitment to embrace what could possibly be the future of money. Legislators explained that they believed cryptocurrencies would replace fiat currencies eventually and that it is important for them to be at the forefront as this development comes.<\/p>\n<p>By embracing mining, they hope to usher in the next financial revolution. The bill passed in a unanimous vote, showing that legislators were indeed looking forward to bolstering their digital and financial spaces.<\/p>\n<p>Waqar Zaka, an influencer and pro-crypto activist, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/ZakaWaqar\/status\/1334115476994207745\">tweeted<\/a> that this was \u201cone province done, three more to go.\u201d While this doesn\u2019t mean that all of Pakistan has embraced mining, it is indeed a step in the right direction.<\/p>\n<p>It is unclear how the northern region wants to move forward with its mining strategy. However, it should be able to develop a robust regulatory regime that will encompass the entire industry and allow for investment to flow.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Iran_doubles_down_on_mining\"><\/span>Iran doubles down on mining<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Pakistan is not the only country in the Middle East that is moving quickly toward the legislation of mining. In fact, it currently trails Iran in that regard.<\/p>\n<p>Iran\u2019s embrace of crypto mining has been swift. The country initially outlawed the activity after noticing that citizens had begun operating mining outfits in mosques. Most mosques <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.dawn.com\/news\/1426193\">get<\/a> electricity subsidies from the government, and these miners had set up their operations to ensure that they would profit from it.<\/p>\n<p>The situation was particularly dire because crypto had started gaining traction in Iran at the time. Sadly, it turned sour when the government began to seize mining equipment found in mosques. A report on the issue claimed that Mostafa Rajabi Mashhadi, an official at the Iranian Ministry of Energy, pointed out a 7% jump in the consumption of electricity in June 2019.<\/p>\n<p>Mashhadi reportedly added that crypto miners had been responsible for the rise in consumption levels. So, the government chose to take preventive steps to avert any issues with Iran\u2019s power grid. He pointed out that the government will identify miners and immediately cut them off the power grid \u2014 until all parties reach a reasonable agreement over pricing policies for miners.<\/p>\n<p>In November 2018, Iran was <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/en.radiofarda.com\/a\/iran-ranks-first-on-energy-subsidies-globally\/29576746.html\">ranked<\/a> on top of the global energy subsidy list, providing up to $45.1 billion annually. That figure represented a 10th of its <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/countryeconomy.com\/gdp\/iran\">annual<\/a> gross domestic product that year. Considering that Iran had been dealing with stringent economic sanctions from the United States government and the international community over its nuclear program, it couldn\u2019t afford to pay more in subsidies.<\/p>\n<p>However, these same policies have forced the country to rethink its policies. In July, the Iranian government officially ruled to declare crypto mining an industrial activity in the country. A report from the Mehr News Agency <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/en.mehrnews.com\/news\/148195\/Iranian-govt-authorizes-crypto-mining\">stated<\/a> that the government had held a cabinet meeting, chaired by President Hassan Rouhani.<\/p>\n<p>The legalization essentially made mining an official industry. At the same time, individuals and businesses looking to engage in the activity would need to get licenses from the Ministry of Industry, Mine and Trade.<\/p>\n<p>It was a perfect match. Electricity prices are pretty cheap in Iran. Statistics from Global Petrol Prices at the time <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.globalpetrolprices.com\/Iran\/electricity_prices\/\">showed<\/a> that the country charged almost $0.005 per kilowatt-hour. Considering that this is much better than what other countries charge, it is no doubt that this will be lucrative.<\/p>\n<p>So far, over a thousand individuals and entities have jumped into the Iranian mining space, taking advantage of the cheap electricity. In return, the country has enjoyed a boost in revenues and taxes. The economic sanctions from the United States and the international community have continued to grow, and this means that the country is strapped for cash. With a fledgling industry like cryptocurrency mining, it can offset some of these costs.<\/p>\n<p>It is unclear whether any countries in the Middle East will join the fray anytime soon. Saudi Arabia is <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.arabnews.com\/node\/1690891\">growing<\/a> to be the blockchain hub, although most of its efforts have been aimed at using the technology to improve its government and private industries. With the prospect of crypto legislation rising there, there is no reason why mining can\u2019t become more of a recognized activity as well.<\/p>\n<p class=\"post-content__disclaimer\"><em>The views, thoughts and opinions expressed here are the author\u2019s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.<\/em><\/p>\n<div>\n<div style=\"background: rgb(239, 239, 239); border: 1px solid rgb(204, 204, 204); padding: 10px;\"><strong>Muhammad Abdullah<\/strong> is a developer holding a bachelor of science degree in software engineering. Currently, he works at Zarai Taraqiati Bank Limited as a database manager. He is a crypto enthusiast and writer. He loves to write about blockchain technology, cryptocurrencies and the latest news that shake the market.<\/div>\n<\/div>\n<p><template data-name=\"subscription_form\" data-type=\"law_decoded\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more News articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/why-pakistan-and-the-middle-east-can-bet-on-crypto-mining\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Why Pakistan and the Middle East can bet on crypto mining &#8221; It is especially important for countries to become more aware of cryptocurrencies, especially with components like decentralized finance rising in prominence. Now that the Middle East is becoming more mining-friendly, the future suddenly looks bright once again for this region. Pakistani administration&#8230;<\/p>\n","protected":false},"author":1,"featured_media":157749,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDEvZjgzYjg1MmEtNjEyYy00ODI3LThlMGUtYTQ3YTk5ZmVkN2JhLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74989,74894,74863,75042,70984,17320],"class_list":["post-157748","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-mining","tag-blockchain","tag-cryptocurrencies","tag-mining","tag-iran","tag-pakistan"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/157748","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=157748"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/157748\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/157749"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=157748"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=157748"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=157748"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}