2023-08-27 08:47:00
Laos
Shutting down the power supply to cryptocurrency mining companies
Electricity of Laos (EDL) has announced that it will no longer supply electricity to cryptocurrency mining operations in Laos, local media reported.
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Cryptocurrency machines in the Lao province of Champasack. Photo: AIF Group/CVN
The notice, released by the EDL on Thursday, August 24, says Laos experienced drought conditions in the first six months of 2023, with extreme heat driving high demand for electricity, while hydroelectric plants had struggling to produce enough electricity.
According to the EDL, 95% of the country’s electricity is produced by hydroelectric plants through its system, and it plans to supply power locally, as well as export large volumes to the Electricity Generation Authority. Electricity of Thailand (EGAT) to supply the Thai electricity grid through the next dry season in 2024.
The governor of EGAT said that if the drought in Laos becomes severe, hydropower plants in Laos will produce less electricity, thus reducing export capacity.
At the same time, Lao authorities said cryptocurrency mining operations had failed to repay mounting debts.
In September 2021, the government of Laos authorized six companies to exchange and mine cryptocurrencies to test the mining and exchange of cryptocurrencies such as Bitcoin, Ethereum and Litecoin.
VNA/CVN
1693133719
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