Laos stops power supply to cryptocurrency mining businesses

Electricite du Laos (EDL) has announced that it will no longer supply electricity to cryptocurrency mining operations in Laos, local media reported.

Saturday, August 26, 2023 16:11

Laos stops power supply to cryptocurrency mining businesses ảnh 1

Cryptocurrency machines in Champasack province. (Photo: AIF Group)

Vientiane (VNA) - Electricite du Laos(EDL) has announced that it will no longer supply electricity to cryptocurrencymining operations in Laos, local media reported.

The notice, issued by EDL on August 24, states that Laosexperienced drought conditions during the first six months of 2023, withextreme heat causing high electricity demand, while hydropower plants struggledto generate enough electricity.

According to EDL, 95% of the nation’s electricity is generatedby hydropower plants through its system, and it plans to supply electricitylocally, as well as export large volumes to the Electricity GeneratingAuthority of Thailand (EGAT) to supply the Thai power grid through the upcomingdry season in 2024.

The Governor of EGAT said that if the drought in Laos becomessevere, hydropower plants in Laos will generate less electricity, reducingexport capacity.

Meanwhile, Lao authorities said that cryptocurrency miningoperations have failed to repay mounting debts.

In September 2021, the government of Laos authorised sixcompanies to trade and mine cryptocurrencies to trial mining and tradingcryptocurrencies such as Bitcoin, Ethereum, and Litecoin./.

VNA

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