On Thursday, the International Monetary Fund said an increase in electricity taxes for crypto miners by as much as 85% could play a significant role in curbing global carbon emissions, as the organization continues to sound off warnings relating to the industry.  

That’s despite smaller operations struggling to turn a profit following Bitcoin’s halving event in April, which has placed increasing pressure on miners to find more efficient ways to operate.

“Such a levy would raise annual government revenue of $5.2 billion globally and reduce annual emissions by 100 million tons around Belgium’s current emissions,” the IMF wrote in a blog post.

It’s unclear whether such a tax hike would directly reduce emissions, as miners have often sought cheaper alternatives in countries with more favorable electricity costs.

For artificial intelligence data centers, a targeted tax on their electricity use would need to be set at $0.032 per kilowatt hour, or $0.052, including air pollution costs, the IMF said. 

“It is slightly lower than for crypto because data centers tend to be in locations with greener electricity. This could raise a

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Author: Sebastian Sinclair

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