The International Monetary Fund (IMF) has proposed a significant increase in <a href="https://ultramining.com/news/en/minnesota-man-faces-accusations-of-electricity-theft-for-bitcoin-mining/" rel="noopener noreferrer nofollow">electricity</a> taxes for <a href="https://ultramining.com/news/en/hut-8s-q2-2023-a-bitcoin-mining-marvel/" rel="noopener noreferrer nofollow">crypto miners</a>, aiming to curb the industry's environmental impact. Two IMF executives suggested that raising electricity costs for crypto mining by 85% could slash global carbon emissions by 100 million tons annually—equivalent to Belgium’s total emissions. They proposed a tax of $0.047 per kilowatt-hour, which could generate $5.2 billion in global government revenue each year. If factoring in health impacts, the tax could rise to $0.089 per kilowatt-hour. according to <a href="https://cointelegraph.com/news/imf-crypto-miner-ai-electricity-tax-carbon-emissions" rel="noopener noreferrer nofollow">Cointelegraph</a>.
<img src="https://lh3.googleusercontent.com/d/1IDcfym9IHOW9VpsS2FDEEwSvaPjzb4Qe?key=1IDcfym9IHOW9VpsS2FDEEwSvaPjzb4Qe" alt="">
The IMF report also highlighted the growing environmental footprint of both crypto mining and artificial intelligence (AI) data centers. By 2027, these sectors could account for 6% of global electricity consumption, potentially leading to 450 million tons of carbon emissions annually. The IMF suggests that coordinated global tax policies could drive these industries toward more energy-efficient practices and less energy-intensive operations.

IMF Proposes Electricity Tax Hike for Crypto Mining

Ultramining_Eng

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