Lao's state-owned #power company, Electricite du Laos (EDL), announced that it will no longer supply #electricity to #cryptocurrency #mining operations in the country. EDL stated that Laos experienced drought in the first half of 2023, with high temperatures leading to increased demand for electricity, making it difficult for #hydropower plants to generate enough power. EDL said that 95% of the country's electricity is generated through its system from hydropower plants, with plans to supply local power and export large quantities to the Electricity Generating Authority of Thailand (EGAT) to provide power to the Thai grid during the upcoming dry season in 2024. The president of EGAT noted that if the drought situation in Laos worsens, the power generation capacity of Lao hydropower plants will decrease, reducing their export capabilities. Meanwhile, Lao authorities stated that cryptocurrency mining operations have failed to repay their growing debts.

- Worldwide contrast in household electricity expenses for individual Bitcoin miners.

- Producing one #bitcoin costs $208,560 in Italy but is 783 times cheaper in #Lebanon

- Only 65 countries are profitable for solo Bitcoin #miners based on household electricity costs.

- The average household #electricity #cost to mine 1 Bitcoin is $46,291.24, 35% higher than the average daily price of 1 BTC in July 2023.

- Italy is the costliest for household Bitcoin mining at $208,560 per Bitcoin, followed by Austria and Belgium.

- Lebanon allows miners to generate one Bitcoin for just $266, making it 783 times cheaper than Italy.

- Iran has a production cost of $532 per Bitcoin, but legal operations have been banned at times due to energy grid stress.

- Binance CEO Changpeng Zhao (CZ) questioned why individuals in low electricity cost countries wouldn't mine Bitcoin but acknowledged feasibility and logistical concerns.

$BTC