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IMF Proposes $0.047/kWh Tax on Crypto Miners, AI Centers to Curb Emissions

Aug 16, 2024, 07:48 AM

The International Monetary Fund (IMF) has proposed a significant increase in electricity taxes for crypto miners and AI data centers to address the surging carbon emissions from these industries. According to the IMF, crypto mining and AI data centers now account for 2% of global electricity use and nearly 1% of global emissions, and their environmental footprint is expanding. The IMF suggests implementing a $0.047 per kilowatt hour tax, which could lead to an 85% increase in costs for crypto miners. This measure aims to reduce carbon emissions by 100 million tons and generate $5.2 billion in revenue. IMF officials Shafik Hebous and Nate Vernon-Lin are advocating for this global tax as a means to mitigate the environmental impact of these energy-intensive operations.