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Electricite du Laos (EDL) won’t provide electricity to cryptocurrency mining in the country anymore, according to local reports.
Electricite du Laos (EDL) has declared that it will stop providing electricity to cryptocurrency mining in Laos, as reported by local media.
The announcement came on August 24, with EDL explaining that Laos had a dry spell in the first half of 2023, leading to increased electricity demand due to extreme heat while hydropower plants struggled to produce enough power.
EDL, which generates 95% of the country’s electricity through hydropower, aims to provide electricity locally and export large amounts to the Electricity Generating Authority of Thailand (EGAT) to support Thailand’s power grid in the upcoming dry season of 2024. If the drought worsens, Laos’ hydropower plants might produce less electricity, reducing their export capability.
Authorities in Laos also mentioned that cryptocurrency mining operations haven’t been able to repay their debts. In September 2021, Laos permitted six companies to explore trading and mining cryptocurrencies like Bitcoin, Ethereum, and Litecoin.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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