Communist Laos Looking To Turn Extra Hydropower Into Crypto Mining To Tackle Debt: Report

Southeast Asian country Laos is turning to cryptocurrency mining as a way to ease its growing debt burden and put surplus energy to use, according to a report published Wednesday.

Laos Looking To Monetize Surplus Power Through Crypto Mining

Laos’ aspiration to be the “battery of Southeast Asia” has led to an energy surplus from its numerous hydropower projects built across the Mekong River, reported the South China Morning Post. This energy boom, however, has resulted in a significant rise in debt, owed mostly to Chinese loans and foreign firms that funded dam construction.

The government is now licensing local cryptocurrency trading platforms and mining operations, hoping to convert the surplus energy into economic profit and reduce …

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