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Crypto assets and artificial intelligence are both significant consumers of electricity, leading to rising carbon emissions. A single Bitcoin transaction consumes as much electricity as an average person in Ghana or Pakistan does in three years, while AI queries like those made to ChatGPT require ten times more energy than a Google search. The combined electricity demand from crypto mining and data centers accounted for 2% of global electricity use in 2022, with projections suggesting this could rise to 3.5% by 2025.
The IMF highlights the potential for tax policies to mitigate these emissions, proposing a direct tax on electricity used by crypto miners that could significantly reduce carbon output. For data centers, a targeted tax could also generate substantial government revenue while promoting energy efficiency. As the urgency to address climate change increases, implementing a coordinated carbon pricing strategy across countries is essential to curb emissions and encourage cleaner energy practices.
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