Governments are mulling over a potential global levy on crypto mining to fund action on climate change.
A tentative proposal to tax cryptocurrency mining to raise funds for climate action took off during a United Nations climate conference that’s set to come to a close today. A levy on energy-hungry crypto mining, at $0.045 per kilowatt-hour of electricity used, could generate $5.2 billion in revenue annually, according to a report released last week by the Global Solidarity Levies Task Force, led by Kenya, Barbados, and France.
They eat up a lot of electricity in the process and earn Bitcoin in return. 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. By charging more for dirty sources of energy, the levy could also push miners to use more renewable energy.
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