Laos Suspends Electricity Supply to Crypto Mining Amid Drought, Oman Launches $370M Mining Center, Chinese Official Sentenced for Corruption in Bitcoin Mining.
Summary:
Laos suspends electricity supply to crypto mining operations due to power generation challenges during drought conditions. Oman launches a $370 million crypto mining center while a Chinese official receives a life sentence for corruption in operating a Bitcoin mining enterprise.
Laos' state-owned power company, Électricité du Laos (EDL), has announced its decision to halt electricity supply to cryptocurrency mining operations in the country. The company cited several reasons, including the ongoing struggle to generate sufficient power due to drought conditions. The announcement mentioned that Laos faced a drought in the first half of 2023, causing hydropower plants to struggle in meeting the high electricity demand. Furthermore, the EDL emphasized that hydropower plants currently account for 95% of the country's power supply and their aim is to provide electricity locally while exporting larger volumes to Thailand by 2024. The suspension of electricity supply for crypto mining projects was also attributed to the inability of these projects to settle their outstanding balances. Back in September 2021, the Laotian government had approved a public-private pilot program for exploring crypto mining and trading in a bid to benefit from China's crackdown on mining. At that time, six companies were granted permission to conduct mining activities in Laos. In other news, Oman has launched a $370 million cryptocurrency mining center, located in the Salalah Free Zone. The center will be operated by local company Exahertz in partnership with the Dubai-based blockchain firm Moonwalk Systems. Meanwhile, a Chinese official, Xiao Yi, has been sentenced to life imprisonment for corruption in connection with operating a Bitcoin mining enterprise. Prosecutors revealed that Yi had concealed the mining operations by instructing departments to fabricate reports and manipulate electricity consumption. Feel free to collect this article as an NFT to preserve this moment and demonstrate your support for independent journalism in the crypto space.
Published At
8/28/2023 8:30:00 AM
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