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A proposed climate tax on crypto mining is gaining momentum
It could raise billions a year for climate action.
The report cites research by the International Monetary Fund (IMF) that settles on $0.045 per kWh as the amount needed for a corrective tax to make up for the impact crypto mining has on the climate. That’s based on the consequences of the greenhouse gas emissions causing climate change and exacerbating disasters including storms, droughts, and wildfires. The hope is that placing a tax on that electricity consumption could incentivize crypto miners to use more efficient hardware or even persuade the Bitcoin network to turn to a less energy-intensive method for validating transactions, much like Ethereum.
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