According to Deep Tide TechFlow, on November 22, at the United Nations Climate Conference, a global solidarity tax working group led by Kenya, Barbados, and France released a report proposing a climate tax on cryptocurrency mining.
The tax rate is $0.045 per kilowatt-hour, expected to generate about $5.2 billion annually to support climate action. Considering fossil fuel pollution, the rate will increase to $0.085 per kilowatt-hour.
The annual electricity consumption of the Bitcoin network has surpassed that of most individual countries. The proposal aims to encourage mining companies to adopt efficient equipment, transition to renewable energy, and use energy-efficient transaction verification methods.
The working group plans to submit a concrete proposal at the IMF and World Bank Spring Meetings in April 2025, expanding the scope to billionaires, plastic production, and cryptocurrency mining.