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    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

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    NFT sales pump 37% to $144.8m, Immutable dethrones Ethereum

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    Long and Short Positions in Crypto Explained for Beginners

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    The #1 CopyTrading Exchange-Bitget Turns 5, $100 Bonus for Newcomers

    The #1 CopyTrading Exchange-Bitget Turns 5, $100 Bonus for Newcomers

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    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

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    Enhancing Security in Online Gambling with Blockchain Technology

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    Blushush by Sahil Gandhi and Ohh My Brand by Bhavik Sarkhedi Partner to Revolutionize Brand Strategy and Personal Branding

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    How to Play Treeverse: Beginner’s Guide to Gameplay, NFTs, and Tokenomics

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    Intellivix Targets Global AI Surveillance Market with ‘False Alarm Elimination’ Gen AMS

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    The Future of Gambling: How Casino Sites Are Leveraging Web3

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    The most potentially profitable investment method in 2025 is through PairMiner crypto cloud mining, earning passive income daily.

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    GameFi Q1 2025 Report: User Growth, Chain Activity, and Revenue Trends

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    Matt Furie NFTs Crater 97% After Mint Exploit

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    Doodles NFT Sticker Launch on Telegram Sells Out in 24 Hours

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    Crypto Casinos Made Over $80 Billion in 2024

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    MetaMask Users Can Now Link Binance and OKX Accounts to Their Portfolio Dashboard

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    NetMindAI Partners with Neurochain AI to Revolutionize Decentralized AI Services

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    Bitcoin Sees Historic Rise in Shark and Whale BTC Wallets, Records New High: Santiment

    An SBF Testimony Could Add ‘Decades’ to His Prison Sentence, According to Lawyer – Here’s Why

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    Solana, XRP and One Ethereum Rival Leading Institutional Inflows in 2023: CoinShares Data

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    Estate of Bankrupt Crypto Exchange FTX Abruptly Stakes Over $144 Million in Solana (SOL)

    Estate of Bankrupt Crypto Exchange FTX Abruptly Stakes Over $144 Million in Solana (SOL)

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    Benjamin Cowen Warns Majority of Altcoins Will Never See New All-Time Highs Again Amid ‘Serious Declines’

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    The #1 CopyTrading Exchange-Bitget Turns 5, $100 Bonus for Newcomers

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Laos threatens BTC miners with shutdown for inactivity

November 15, 2023
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Laos threatens BTC miners with shutdown for inactivity
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Laos will suspend the licenses of inactive BTC miners, a new report has revealed.

READ ALSO

From Subsidies to Shutdowns: Norway Moves to Restrict Bitcoin Mining

Norway eyes crypto mining ban amid local firms’ heavy investments in Bitcoin

The Laotian government has authorized 15 companies to engage in block reward mining in the Southeast Asian country. Two licensees have yet to start operations, forcing the government to push for their shutdown.

The report by the Chinese state-owned Xinhua News Agency also revealed that some of the other operators owe the state millions of dollars in unpaid taxes. However, the government acknowledged that most of the miners were prompt in paying taxes and other fees and had generated considerable revenue for the state. In November 2021, the country announced an ambitious target of collecting $194 million from the industry.

The unpaid fees from the miners hit $20 million at one point, Xinhua reported, citing Laotian Prime Minister Sonexay Siphandone. The miners blamed the ‘crypto winter‘ and BTC’s 50% price slump for their woes.

To boost compliance, the government cut the fees in half to accommodate global BTC price changes.

“With that decision, the companies concerned began paying their fees, and it is expected that all the fees will be fully paid by the end of 2023,” the premier told the National Assembly.

Despite all the concessions, some miners are still not compliant. Siphandone pledged to suspend, fine, and revoke their licenses in accordance with relevant laws if they don’t shape up soon.

See also  Russian Grid Operator Rosseti Eyes Crypto Mining to Power Up Underused Plants

Even as it seeks to increase its revenue from miners, the Laotian government has failed to ensure a constant power supply amid a prolonged drought that affected hydropower generation. The country’s grid operator announced that it was cutting off the miners in May as it struggled to meet power demand in the nation of 7.4 million residents.

Laos has also struggled to regulate the sector. An on-site visit by the Financial Action Task Force (FATF) in September 2022 found significant regulatory gaps in its digital asset policies.

Tags: BTCinactivityLaosMinersShutdownThreatens

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