Laos Power Company announces it will no longer provide electricity to local cryptocurrency mining operations.
2023-08-28 02:03
Odaily News: The Electricite Du Laos (EDL) has announced that it will no longer provide power to the cryptocurrency mining operations in Laos. According to a notice issued by EDL on August 24, Laos experienced a drought and intense heat in the first six months of 2023, resulting in high demand for electricity that the hydroelectric plants were unable to meet.
At the same time, Lao authorities stated that the cryptocurrency mining operations failed to repay the increasing debt. EDL also mentioned that 95% of the country's electricity is generated by hydroelectric plants in its system. The company plans to supply electricity locally and provide a significant amount of power to the Electricity Generating Authority of Thailand (EGAT) to support Thailand's power grid during the upcoming dry season in 2024.
It is reported that in September 2021, the Lao government authorized six companies to carry out mining and trading of cryptocurrencies such as Bitcoin, Ethereum, and Litecoin. (Source: Vietnam News Agency)
At the same time, Lao authorities stated that the cryptocurrency mining operations failed to repay the increasing debt. EDL also mentioned that 95% of the country's electricity is generated by hydroelectric plants in its system. The company plans to supply electricity locally and provide a significant amount of power to the Electricity Generating Authority of Thailand (EGAT) to support Thailand's power grid during the upcoming dry season in 2024.
It is reported that in September 2021, the Lao government authorized six companies to carry out mining and trading of cryptocurrencies such as Bitcoin, Ethereum, and Litecoin. (Source: Vietnam News Agency)
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