Two IMF officials pitched for steep electricity taxation on cryptocurrency miners and recommended increasing their average global electricity cost by 85%.
The proposal has, in fact, called for a sharp rise in the electricity tax paid by crypto miners to drastically bring down carbon emissions from the mining of such cryptocurrencies, which have been rising and pose an environmental threat.
IMF: Over $5 Billion In Taxes
The International Monetary Fund says that a levy of $0.047 per kilowatt hour would bring in about $5.2 billion annually and trim global emissions by about 100 million tons, equivalent to current emissions of Belgium.
However, the actual reduction of emissions from such a tax is arguable, as miners have the tendency to shift operations to countries where electricity is cheap.
Here, IMF executives Shafik Hebous and Nate Vernon-Lin have used an astonishing figure for the consumption of energy used in cryptocurrency transactions. According to them, a single tran
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