Laos Expected To Earn $190 Million From Bitcoin Mining In 2022
The government reportedly plans on employing the new revenue stream's profits on "priority" programs.Laos is reportedly expected to earn approximately $190 million in 2022 from bitcoin mining activities in the country.The new revenue source would contribute to the $2.8 billion total domestic revenue projected for 2022, the Lao Minister of Finance said.The government reportedly plans on employing the new revenue stream's profits on increasing officials' allowances, paying off debts, and pandemic-related expenditures.The government of Laos, a Southeastern Asian country located between....
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Southeast Asian country of Laos is planning to reroute power away from Bitcoin and crypto mining operations by the end of Q1 2026. Laos To Direct Power From Crypto Mining To AI, EVs As reported by Reuters, Laos is looking to shift energy to industries that contribute more to economic growth than mining operations related […]
Lawmakers reportedly plan to use the extra revenue for “priority programs,” including paying down the national debt and responding to the pandemic. The Laos government’s pilot project to explore cryptocurrency mining and trading is expected to bring in roughly $194 million towards the country’s total domestic revenue projected for 2022.According to a Nov. 2 report from Malaysian news outlet The Star, the Laotian government’s recent bid to capitalize on China’s crypto mining crackdown may be netting the country 2 trillion kip — roughly $194 million at the time of publication — in revenue....
Laos has authorized a series of cryptocurrency mining and trading projects in the country, looking for another source of income to supplement the losses caused by the drop in tourism due to COVID-19 related measures. Six companies have been authorized to start cryptocurrency trading and mining operations in the country, according to the office of the prime minister.
Laos Embraces Digital Currencies
Laos has authorized mining and trading operations in its territory, contradicting policies from its central bank that issued warnings against crypto just a month before. The move comes....
The Southeast Asian nation of Laos changed its official policy, authorizing six companies to trade and mine Bitcoin while the government begins to draft regulations about its use.
Laos is exploring a new way to service the debts from its decades-long hydropower build-out: turning excess electricity into Bitcoin. In a report published on September 17, the South China Morning Post framed the pivot bluntly: “Saddled with debt and surplus electricity, the ‘battery of Southeast Asia’ is eyeing energy-intensive crypto mining to turn a […]