Laos has officially launched a cryptocurrency mining operation in Bachiang Chaleunsouk District, Champasack Province.
A ceremony to launch the project was held by Lao Crypto Mining and AIF Group, in the presence of Governor of Champasack Province, Mr. Vilayvong Bouddakham, Minister of Technology and Communications, Mr. Boviengkham Vongdala, as well as other senior officials.
Stock Focus Magazine reports that Thai company, United Power of Asia (UPA), has invested THB 820 million and 4,000 mining devices in partnership with AIF Group in order to mine cryptocurrency in Laos.
In March, United Power of Asia and AIF group collaborated to purchase 4,900 cryptocurrency mining machines for around THB 400 million (USD 13 million).
Lao Crypto Mining and AIF Group, in collaboration with United Power of Asia, plan to increase their rigs to reach some 6,000 machines by the end of the year.
Lao Minister of Finance, Bounchom Ubonpaseuth, stated in 2021 at the National Assembly that mining cryptocurrency could contribute as much as LAK 28,963 billion in revenue projected for the country in 2022.
The government of Laos authorized six companies to trade and mine cryptocurrencies in September last year, while relevant ministries were told to draft regulations governing the use of cryptocurrencies.