Laos authorities to suspend electricity supply to mining companies

Laos authorities to suspend electricity supply to mining companies

71
Author: Robert Strickland (crypto-journalist)
Subscribe

 

Laos authorities to suspend electricity supply to mining companies

Lao authorities to suspend electricity supply to mining companies due to drought and debts



A drought in the first half of 2023 has led to reduced productivity and spikes in electricity demand in the country

Laos state-owned utility Electricite du Laos (EDL) said it will suspend electricity supply to mining companies for several reasons, Cointelegraph wrote, citing a company statement.

About 95% of the country's electricity is generated thanks to hydropower plants. The first six months of this year were dry, which caused a decrease in productive capacity and spikes in electricity demand, the company said.

In an interview with local publication Laotian Times, an EDL spokesperson clarified that one of the reasons for the suspension of supplies to mining companies is their inability to "pay their debts."

In September 2021, the Lao government approved a public-private pilot project to investigate cryptocurrency mining and trading. The measure aims to capitalize on China's policy of banning mining, which has caused companies in this field to seek to operate in other countries. Previously, six mining companies were allowed to operate in Laos under the program, the publication noted.

In August 2023, an ex-Chinese official was given a life prison sentence for supporting mining companies. From 2008 to 2021, Yi Xiao used his official position to illegally receive more than 125 million yuan ($17.1 million) in bribes.

Earlier, Kuwait banned cryptocurrency transactions, including investments and mining.


 

Other news

Bitcoin is growing without mass hype. When everyone starts talking about cryptocurrency
Traders in options are betting on Bitcoin to rise above $65,000.
How Bitcoin Halving Will Affect Its Price. Key Points from the Grayscale Report
Bitcoin has returned to growth and reached $45,000. What's next?
In London, the trial of the self-proclaimed creator of Bitcoin has begun.
One of the best months. What will happen to Bitcoin in February
Trustpilot