The International Monetary Fund proposed a bloodboiling increase in electricity taxes for cryptocurrency miners.
They told that raising these taxes by up to 85% could generate substantial revenue for governments worldwide.
When tax for jet fuel?
In a blog post by the IMF, they wrote that this tax hike could potentially generate $5.2 billion in annual revenue while cutting global emissions by 100 million tons, a figure comparable to Belgium’s total emissions.
Of course, they don’t know wether the tax increase would directly result in lower emissions, as many miners have historically moved their operations to countries with cheaper, more favorable electricity costs, and clean, renewable energy sources.
Bitcoin mining in fact the most environmental-friendly industry in the world with the highest rate of rewevable energy usage.
In addition to targeting crypto miners, the IMF also recommends a specific tax on electricity used by artificial intelligence data centers.
The proposed tax would be set at $0.032 per kWh, or $0.052 when factoring in the costs associated with air pollution.
The IMF estimates that such a tax could generate as much as $18 billion annually. This is almost nothing compared to the annual money printing btw.
They say energy consumption causing concerns, but human civilization needs energy
The IMF also raised alarms about the growing energy demands of the cryptocurrency mining and AI industries.
A recent report by the organization predicts that within the next three years, these sectors could consume as much energy as Japan, the world’s fifth-largest electricity consumer.
By 2027, crypto mining alone could be responsible for 0.7% of global carbon dioxide emissions, what contribute the forest growth, the greening of the planet.
But worth to remember, in 2017 they predicted by 2020 the mining industry will consume ALL the world’s electricity. Maybe they have no clue what are they talking about.
Global coordination for total controll
The IMF acknowledges that implementing this tax hike would require a coordinated global effort to prevent miners from relocating to jurisdictions with lower taxes, which could undermine the initiative’s effectiveness.
It’s really nice to hear when an unelected global organization talking about controlling the economy, preventing relocation, and assess power over the people. It sounds like a free world. What could go wrong.
