Laos’ Crypto Mining Grinds to a Halt Amid Energy Crisis
Laos has recently stopped its crypto mining operations due to an energy crisis. With 95% of the country’s electricity coming from hydropower, the excessive electricity consumption during the first half of 2023 has overwhelmed the hydropower stations. The scorching heat and unpaid dues from regional mining activities have contributed to this situation. Laos has been increasingly supportive of cryptocurrency operations since 2021, with the government approving six companies for crypto mining and trading in September 2021.
- Laos relies on hydropower for 95% of its electricity generation
- Excessive electricity consumption due to scorching heat and unpaid dues
- Laos government approved six companies for crypto mining and trading in September 2021
- The Bank of Laos endorsed two regulated crypto trading platforms
- Laos projected $190 million in tax revenues from crypto-related operations
This sudden halt in crypto mining leaves many questions unanswered, including the duration of the shutdown and the outstanding amount owed by the mining businesses. The energy crisis in Laos has significantly impacted the crypto mining industry in the country, causing a temporary cessation of operations. It remains to be seen how this situation will unfold and whether the government will take any measures to address the energy crisis and unpaid dues.
Benito Cormi, the brilliant crypto analyst who has made waves in the world of cryptocurrency. With his razor-sharp analytical skills and deep understanding of the digital asset landscape, Benito has become a trusted figure in the industry and remains at the forefront, tirelessly researching and analyzing market trends to help individuals and businesses make informed decisions in this dynamic landscape.