IMF Proposes 85% Electricity Tax Hike on Crypto and AI

Aug 16, 2024, 11:48 AM

The International Monetary Fund (IMF) has proposed a significant increase in electricity taxes for crypto miners and AI data centers, suggesting an 85% hike. This proposal is part of an effort to address the surging carbon emissions attributed to these industries. The IMF's report highlights the environmental impact of both AI and cryptocurrency operations and suggests that regulatory measures, such as a 'cryptocarbon' tax, could mitigate these effects. The proposal has sparked a debate, with some stakeholders in the cryptocurrency community offering rebuttals and calling for a pause to consider the implications.