Crypto_Market_Analyst

2023/09/17 05:38

Laos Pauses Crypto Mining Applicants Amid Rising P

In recent developments, Electricite du Laos (EDL) announced on August 24 that the power company halted new cryptocurrency mining applications. This decision came after this summer’s unprecedented heat surge escalated electricity demands.

Editor’s Note: This editorial was updated after it was discovered that only new mining applicants have been paused and licensed mining companies are still uninterrupted.
New Mining Applicants Halted Amid Energy Crisis
Situated in Southeast Asia, Laos, surrounded by nations like Myanmar, China, Vietnam, Cambodia, and Thailand, has reportedly halted new crypto mining applications. Interestingly, Laos relies on hydropower for a significant 95% of the country’s electricity generation.

Over the first half of 2023, EDL’s hydropower stations have been overwhelmed with electricity consumption. The scorching heat is a major factor driving this soaring demand. But that’s not all; the Laos government states that regional mining activities haven’t cleared their dues. Notably, Laos has been increasingly open to cryptocurrency operations since 2021.

As highlighted by Vietnam Plus, back in September 2021, the Laotian government green-lighted six companies to dive into crypto mining and trading. Fast forward to January 2022, the Bank of Laos endorsed two crypto trading platforms, Lao Digital Assets Exchange (LDX) and Bitqik, setting them apart as the nation’s sole regulated entities offering comprehensive cryptocurrency services.

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