UN proposes taxation on cryptocurrency mining

A United Nations (UN) is evaluating a proposal that seeks to establish a tax on energy consumption used in cryptocurrency mining. Based on a study by the International Monetary Fund (IMF)the measure aims to compensate for the environmental impacts generated by this practice.

A fee to mitigate environmental damage

The suggested tax would be US$ 0.045 por kWh used in cryptocurrency mining. According to UN estimates, this charge could generate around US$5.2 billion annuallya value sufficient to compensate for the environmental damage associated with the activity.

In terms of reducing carbon emissions, the study points to a drop in 100 million tons annuallyequivalent to Belgium’s total emissions.

IMF proposal: higher costs for miners

The idea was put forward by the IMF, which in August suggested that implementing this tax would lead the mining industry to reduce its emissions, aligning with global climate goals. According to the Fund, taxation would increase by 85% the average cost of electricity for miners, discouraging excessively polluting practices.

Mining energy consumption in numbers

A study by the University of Cambridge revealed that global cryptocurrency mining consumes approximately 181.5 TWh per yeara value higher than the annual consumption of countries such as Poland and Egypt.

The IMF also highlighted the individual impact of mining: a single Bitcoin transaction consumes the same amount of electricity as an average person in Pakistan uses it in three years.

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Countries that already restrict mining

Some countries have already taken extreme measures against the practice, banning it completely. Among them are China, Kosovo e Iranwhich justify the bans both due to climate issues and the lack of government control over cryptocurrencies.

In addition to the environmental impact, analysts point out that resistance to these digital currencies is also related to the lack of state regulation, making it difficult to monitor financial transactions.

Discussions still ongoing

Although the UN proposal is still in its initial phase, the organization plans to present a more structured version during the next major climate summit, which will be held in Brazil in November 2025.

The final decision, however, will depend on many developments and discussions between member nations.