The International Monetary Fund has proposed increasing the cost of electricity for cryptocurrency miners by 85%. That is why the IMF wants to tax them for air pollution. Thanks to the initiative, the government’s annual revenues could increase by $5.2 billion.
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The IMF has taken the initiative to impose an air pollution tax on cryptocurrency miners. The fund proposes to increase the cost of electricity for them by 85%, the IMF said in its blog.
Introducing an air pollution tax for miners would give the industry an incentive to reduce carbon emissions. In addition, the world’s governments could collectively increase their revenues by introducing a tax by $5.2 billion.
Miners and data centre companies account for around 2% of global energy consumption and around 1% of carbon dioxide emissions, the IMF estimates. According to experts, these figures are increasing every year.
At the end of July, Vladimir Putin signed a law legalizing cryptocurrency mining in Russia. Once the law comes into force, this activity will be regulated by law and individual entrepreneurs, legal entities and individuals will be able to mine cryptocurrencies.
Author:
Kirill Bilyk
Source: RB
I am a professional journalist and content creator with extensive experience writing for news websites. I currently work as an author at Gadget Onus, where I specialize in covering hot news topics. My written pieces have been published on some of the biggest media outlets around the world, including The Guardian and BBC News.
