Électricité du Laos (EDL), a state-owned entity of Laos state for electricity distribution, has announced a serious development. The organization says it will stop supplying electricity to crypto mining activities in the country. To justify the respective move, the platform referred to diverse reasons like the struggle to collect substantial power during drought conditions.
Laos Stops Supply to Mining Projects as the Drought Raises Apprehensions
As per the declaration, Laos experienced drought during the initial half of this year. The scorching heat paved the way for a great demand related to electricity. In addition to this, the hydropower plants are struggling to make substantial power. Moreover, the EDL pointed out that hydropower plants account for generating ninety-five per cent of the energy in the country.
The organization added that it targets supplying electricity in the locality and exporting it to Thailand in huge volumes. This will also influence the export capacity of the country as the conditions are getting more severe. The Laotian Times, a regional media outlet, interviewed an employee from the EDL. In that interview, the employee pointed toward another cause for the respective suspension.
The employee stated that the crypto mining forums are incapable of recompensing outstanding balances. In 2021’s September, the authorities in Laos authorized the public-private pilot project. It focused on delving into the trading and mining of crypto assets. The project targets capitalizing on the Chinese crackdown on crypto mining.
A Chinese Official Gets a Sentence of Life Imprisonment over Organizing a BTC Mining Project
As a result of this, the industrial-scale miners attempt to seek a different forum for their operations. That was the time when 6 entities had secured permission to carry out mining activities in the jurisdiction of Laos. In the meantime, a Chinese official got a life imprisonment sentence for corruption while running a BTC mining enterprise.
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