Official announcements from G7 countries

Bitcoin Mining Requires 155,000 kWh per BTC; Tax Proposal at $0.045/kWh Could Generate $5.2 Billion

Nov 28, 2024, 01:15 AM

A recent report from an international task force led by France highlights the significant energy consumption associated with Bitcoin mining, which requires approximately 155,000 kWh per Bitcoin mined. The report suggests that implementing a tax of $0.045 per kWh could generate an estimated $5.2 billion annually for climate change initiatives. This funding could be pivotal in addressing climate-related challenges, as the tax would specifically target the energy-intensive nature of cryptocurrency mining. The proposal has sparked discussions about the implications of taxing energy derived from fossil fuels versus renewable sources, raising questions about the fairness of such a tax structure.