Suspension of Electricity Supply to Crypto Mining Operations in Laos
Électricité du Laos (EDL), the state-owned electricity distribution company in Laos, has announced that it will suspend electricity supply to crypto mining operations in the country due to various reasons. One of the primary reasons is the struggle to generate enough power amid drought conditions in the first half of 2023.
Hydropower plants generate 95% of the electricity in Laos and the EDL aims to supply electricity locally and export large volumes to Thailand in 2024. However, due to the extreme heat, the country’s export capacity will be affected.
In addition, an EDL employee told Laotian Times that crypto mining projects are unable to pay their outstanding balances, which is also a factor in the suspension of electricity supply.
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Crypto Mining and Trading Gains Momentum
The Laotian government has taken a bold step by approving a public-private pilot to explore crypto mining and trading on September 11, 2021. This move comes in response to China’s crackdown on mining, which has forced industrial-scale miners to look for other options. Six companies were given permission to participate in the program.
The Sultanate of Oman has also joined the crypto-mining bandwagon by launching a $370 million center in the Salalah Free Zone. The center is managed by Exahertz and Moonwalk Systems, both based in Dubai.
On the other hand, a Chinese official was handed a life sentence for operating a Bitcoin mining enterprise. Xiao Yi was convicted of abuse of power and corruption for instructing departments to fabricate reports and adjust electricity consumption.
This article is available as an NFT to commemorate this moment in history and show your support for independent journalism in the crypto space.
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