{"id":26873,"date":"2024-08-17T15:00:47","date_gmt":"2024-08-17T12:00:47","guid":{"rendered":"https:\/\/coinengineer.net\/blog\/?p=26873"},"modified":"2024-08-17T10:59:01","modified_gmt":"2024-08-17T07:59:01","slug":"imf-propose-increasing-crypto-mining-electricity-prices-by-85-percent","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/imf-propose-increasing-crypto-mining-electricity-prices-by-85-percent\/","title":{"rendered":"IMF Propose Increasing Crypto Mining Electricity Prices by 85 Percent"},"content":{"rendered":"<p>Two managers at the International Monetary Fund (IMF) have suggested that raising the price of electricity used for crypto mining by 85% through taxes could significantly reduce carbon emissions.<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_71 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/coinengineer.net\/blog\/imf-propose-increasing-crypto-mining-electricity-prices-by-85-percent\/#IMF_Suggests_Price_Raise_For_Crypto_Mining_Energy\" title=\"IMF Suggests Price Raise For Crypto Mining Energy\">IMF Suggests Price Raise For Crypto Mining Energy<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/coinengineer.net\/blog\/imf-propose-increasing-crypto-mining-electricity-prices-by-85-percent\/#IMF_Notes_Climate_Goals\" title=\"IMF Notes Climate Goals\">IMF Notes Climate Goals<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"IMF_Suggests_Price_Raise_For_Crypto_Mining_Energy\"><\/span>IMF Suggests Price Raise For Crypto Mining Energy<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>A tax of $0.047 per kilowatt-hour could bring the crypto mining industry in line with global climate goals, IMF Deputy Director of Finance Shafik Hebous and Climate Policy Department Economist Nate Vernon-Lin said in a statement on August 15. Given the impact of miners on local health, the tax could go as high as $0.089, they said.<\/p>\n<p>Hebous and Vernon-Lin claimed that this higher tax would increase the average electricity price for crypto miners by 85%, add $5.2 billion to annual global government revenues, and reduce annual emissions by 100 million tons, equivalent to the total emissions of Belgium.<\/p>\n<p>They noted that a Bitcoin transaction uses as much electricity as an average Pakistani in three years, while the AI \u200b\u200bmodel ChatGPT requires 10 times more energy than a Google search.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"IMF_Notes_Climate_Goals\"><\/span>IMF Notes Climate Goals<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>IMF officials also suggested a tax on AI data centers\u2019 energy use of $0.032 per kilowatt-hour. This tax could rise to $0.052 when pollution costs are taken into account. This could generate $18 billion in annual revenue for governments.<\/p>\n<p>An IMF report published in September suggested that crypto mining could account for 0.7% of global carbon emissions by 2027. If emissions from AI data centers are included, that figure could rise to 1.2%, totaling 450 million tons of emissions.<\/p>\n<p><em>Might interest you: <a href=\"https:\/\/coinengineer.net\/blog\/imf-warns-el-salvador-over-bitcoin-risks-calls-for-greater-transparency\/\">IMF Warns El Salvador Over Bitcoin Risks, Calls for Greater Transparency<\/a><\/em><\/p>\n<p>Hebous and Vernon-Lin noted that this targeted tax could encourage crypto miners and AI data centers to use more energy-efficient equipment and encourage crypto miners to adopt less energy-intensive operations.<\/p>\n<p>However, they said the tax should be coordinated globally, or it could be tempting to move from stricter measures to lower-standard areas.<\/p>\n<p>There is ongoing debate about how much emissions crypto miners produce relative to other industries. For example, tech giant Amazon had a reported carbon footprint of 71.54 million metric tons in 2021, more than Bitcoin\u2019s estimated 65.4 million metric tons.<\/p>\n<p>Some countries have banned crypto mining because it puts too much strain on their power grids. For example, Venezuela banned crypto mining and Iran started offering $24 bounties for tipping off illegal crypto miners.<\/p>\n<hr \/>\n<p><em>You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don\u2019t forget to follow us on our\u00a0<a href=\"https:\/\/t.me\/coinengineernews\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Telegram,\u00a0<\/strong><\/a><a href=\"https:\/\/www.youtube.com\/@CoinEngineer\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>YouTube<\/strong><\/a>,\u00a0and\u00a0<a href=\"https:\/\/twitter.com\/coinengineers\"><strong>Twitter<\/strong><\/a>\u00a0channels for the latest news and updates.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Two managers at the International Monetary Fund (IMF) have suggested that raising the price of electricity used for crypto mining by 85% through taxes could significantly reduce carbon emissions. IMF Suggests Price Raise For Crypto Mining Energy A tax of $0.047 per kilowatt-hour could bring the crypto mining industry in line with global climate goals,<\/p>\n","protected":false},"author":6,"featured_media":22727,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[7918,1557,7916,7917],"class_list":["post-26873","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-genel","tag-crypto-mining-prices","tag-imf","tag-imf-crypto","tag-imf-crypto-mining"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>IMF Propose Increasing Crypto Mining Electricity Prices by 85 Percent - Coin Engineer<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coinengineer.net\/blog\/imf-propose-increasing-crypto-mining-electricity-prices-by-85-percent\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"IMF Propose Increasing Crypto Mining Electricity Prices by 85 Percent - Coin Engineer\" \/>\n<meta property=\"og:description\" content=\"Two managers at the International Monetary Fund (IMF) have suggested that raising the price of electricity used for crypto mining by 85% through taxes could significantly reduce carbon emissions. 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