JAKARTA - Lao government-owned electricity distribution company, Électricité du Laos (EDL), has announced that it will stop supplying electricity to its crypto mining operations in the country. They reasoned various factors such as the difficulty in generating enough electrical power due to drought conditions.
According to the announcement, Laos will experience drought in the first half of 2023. Extreme heat results in higher demand for electricity and causes hydroelectric power plants to struggle to generate enough power.
In addition, EDL said that hydroelectric power plants generate 95% of the country's electricity supply, and they aim to provide electricity locally and export large volumes to Thailand by 2024. The country's export capacity will also be affected as conditions worsen.
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In an interview with local media Laotian Times, an EDL employee said that another reason for the stoppage of supply for crypto mining projects was their inability to "pay the balance they owed."
On September 11, 2021, the Lao government approved a public-private pilot program to explore crypto mining and trading. The move aims to capitalize on China's clampdown on mining, which has resulted in industrial-scale miners looking for different places of operation.
By that time, six companies had been cleared to carry out mining operations in Laos as part of the programme.
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