Laos Electric Power Company will no longer supply electricity for domestic cryptocurrency mining operations

2023-08-28 10:02:51

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ChainCatcher news, according to local media reports cited by the Vietnam News Agency, the Electricité du Laos (EDL) has announced that it will no longer supply power for cryptocurrency mining operations in Laos.

EDL stated that Laos experienced drought and extreme heat in the first half of 2023, leading to high electricity demand and hydropower plants struggling to generate sufficient power. 95% of the electricity in Laos is generated by hydropower plants through its system, with plans to supply power locally and export a large amount to the Electricity Generating Authority of Thailand (EGAT) to supply the Thai grid during the upcoming dry season in 2024.

The president of EGAT stated that if the drought in Laos worsens, the power generation capacity of Laotian hydropower plants will decrease, thereby reducing export capacity. Meanwhile, Laotian authorities stated that the cryptocurrency mining operations have failed to repay their increasing debts.

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