Laos' state electricity distribution company, Électricité du Laos (EDL), has announced that it is suspending the supply of electricity to cryptocurrency mining in the country, citing a number of reasons, including the difficulty of generating enough electricity during a drought. .
According to forecasts, a drought is expected in Laos in the first half of 2023. The extreme heat has led to an increase in demand for electricity, and hydroelectric power plants are making it difficult to produce enough electricity.
In addition, EDL says hydropower generates 95% of the country's energy, and aims to supply electricity locally and export large quantities from Thailand by 2024. Deteriorating conditions will also affect the country's export potential.
In an interview with local media outlet Laotian Times, an EDL official said another reason for cryptocurrency mining projects to stop supplying supplies is "the inability to pay the balances."
On September 11, 2021, the Lao government approved a public-private pilot project to explore cryptocurrency mining and trading. The move aims to take advantage of China's pressure on the mining sector, which will encourage industrial-scale miners to seek alternative work. At the time, six companies had received mining permits in Laos under the program.
Related to: The Lao government says it supports blockchain technology for digital transformation
In other news, the Sultanate of Oman, a country located on the southeastern coast of the Arabian Peninsula, has launched a $370 million crypto mining center. On August 22, the center opened in a special economic zone called the Salalah Free Zone. Local company Exahertz will operate the center together with Dubai-based blockchain company Moonwalk Systems.
Meanwhile, a Chinese official has been sentenced to life in prison for taking bribes while running a bitcoin mining company. On August 22, Chinese politician Xiao Yi was sentenced to prison for abuse of power and corruption. According to prosecutors, Yi covered up mining operations by instructing the department to submit reports and regulate electricity consumption.
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Magazine: 180 million yuan digital aircraft from China, crash in Turkey, Laos CBDC. Asia Express
