{"id":16149,"date":"2024-08-16T12:20:43","date_gmt":"2024-08-16T09:20:43","guid":{"rendered":"https:\/\/forklog.com\/en\/imf-proposes-85-global-energy-tariff-increase-for-bitcoin-miners\/"},"modified":"2024-08-16T12:20:43","modified_gmt":"2024-08-16T09:20:43","slug":"imf-proposes-85-global-energy-tariff-increase-for-bitcoin-miners","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/imf-proposes-85-global-energy-tariff-increase-for-bitcoin-miners\/","title":{"rendered":"IMF Proposes 85% Global Energy Tariff Increase for Bitcoin Miners"},"content":{"rendered":"

Raising electricity costs for miners worldwide by 85% through taxation could significantly reduce carbon emissions, according to<\/a> experts from the IMF<\/span>.<\/p>\n

Shafik Hebous from the Fiscal Affairs Department and climate policy economist Nate Vernon-Lin noted that cryptocurrency mining and data centers could account for up to 3.5% of global energy consumption by 2025. This is equivalent to the current level of Japan, the world’s fifth-largest consumer.<\/p>\n

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Data: IMF.<\/figcaption><\/figure>\n

The IMF estimates that by 2027, these activities could generate up to 450 million tonnes of carbon emissions, or 1.2% of the global total.<\/p>\n

Hebous and Vernon-Lin are confident that fiscal policy can influence this outcome.\u00a0\u00a0<\/p>\n

\n

\u201cA direct tax of $0.047 per kWh would compel the mining industry to reduce emissions in line with global targets. Considering the impact of air pollution on public health, the rate would rise to $0.089, leading to an 85% increase in the average electricity price,\u201d the experts stated.<\/p>\n<\/blockquote>\n

According to their calculations, the levy would increase annual government revenues by $5.2 billion and reduce carbon emissions by 100 million tonnes (approximately Belgium’s current level).<\/p>\n

For data centers, IMF specialists proposed a similar tax of $0.032 and $0.052 per kWh. They explained the lower rates by noting that these facilities are \u201cgenerally located in areas with greener electricity\u201d than mining farms. The levy could yield up to $18 billion annually for authorities.<\/p>\n

Hebous and Vernon-Lin emphasized that these activities currently benefit from \u201cgenerous tax breaks.\u201d<\/p>\n

\n

\u201cGiven the environmental damage, lack of significant employment, and pressure on the power grid [\u2026], the benefits of these fiscal regimes are at best unclear,\u201d the experts stated.<\/p>\n<\/blockquote>\n

They acknowledged that implementing the proposed tax on energy consumption for mining and data centers must be globally coordinated. Otherwise, businesses will simply relocate to more favorable jurisdictions.<\/p>\n

In March 2023, the US Treasury Department advocated for a 30% excise tax on electricity consumed by cryptocurrency miners.<\/p>\n","protected":false},"excerpt":{"rendered":"

Raising electricity costs for miners worldwide by 85% through taxation could significantly reduce carbon emissions, according to experts from the IMF. Shafik Hebous from the Fiscal Affairs Department and climate policy economist Nate Vernon-Lin noted that cryptocurrency mining and data centers could account for up to 3.5% of global energy consumption by 2025. This is […]<\/p>\n","protected":false},"author":1,"featured_media":16148,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1137,1259,204,558],"class_list":["post-16149","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-cryptocurrency-mining","tag-ecology","tag-imf","tag-taxes"],"aioseo_notices":[],"amp_enabled":true,"views":"31","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/16149","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=16149"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/16149\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/16148"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=16149"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=16149"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=16149"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}