digital currency mining tax; A step forward to combat climate change

During the recent United Nations Climate Change Conference, an innovative proposal was made to impose a tax on the energy-intensive cryptocurrency mining industry. This proposal is presented with the aim of providing funds to deal with climate change and reduce the environmental effects of this industry.

According to Tekna Technology Media Technology News Service and according to the Global Taxation Special Group for Solidarity, applying a tax of $0.045 per kilowatt-hour of electricity consumed in the process of mining digital currencies can generate $5.2 billion in revenue annually. This significant amount can be allocated to help developing countries transition to clean energy and adapt to climate change.

The digital currency mining industry, especially Bitcoin, is one of the biggest energy consumers in the world due to its very high electricity consumption. This energy consumption, in turn, leads to the significant emission of greenhouse gases and the aggravation of climate change. This law will encourage miners to use more efficient equipment and cleaner energy sources. Funding will also be provided for climate change projects around the world.

Of course, the implementation of this tax is associated with challenges such as international coordination, monitoring the energy consumption of miners and determining the exact tax rate. However, this proposal provides an opportunity to create a new financial mechanism to deal with climate change. The Global Taxes Task Force on Solidarity plans to present concrete proposals at the spring meetings of the International Monetary Fund and the World Bank next year. Also, it will try to get the support of different countries to implement this plan. To see the latest news, refer to Tekna media technology news page.