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240607 ||| eng |
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|a 9798400256080
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|a Hebous, Shafik
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|a Cryptocarbon: How Much Is the Corrective Tax?
|c Shafik Hebous, Nate Vernon
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|a Washington, D.C.
|b International Monetary Fund
|c 2023
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|a 32 pages
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| 653 |
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|a Virtual currencies
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|a Natural Resource Extraction
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|a Payment Systems
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|a Environmental Conservation and Protection
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|a Economics
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| 653 |
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|a Distributed ledgers
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| 653 |
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|a Public finance & taxation
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|a Mineral industries
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|a Industries: Financial Services
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|a Regimes
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|a Investments: Energy
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|a Taxes
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|a Climate
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|a Electricity
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|a Climate change
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|a Technological innovations
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|a Environmental Taxes and Subsidies
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|a Carbon tax
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|a Environmental Economics: Government Policy
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|a Economics of specific sectors
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|a Nonrenewable Resources and Conservation: Government Policy
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|a Greenhouse gas emissions
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|a Commodities
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|a Standards
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|a Currency crises
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|a Global Warming
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|a Macroeconomics
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|a Electric Utilities
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|a Industry Studies: Primary Products and Construction: General
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|a Taxation
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|a Taxation and Subsidies: Externalities
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|a Greenhouse gases
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|a Electric utilities
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|a Economic & financial crises & disasters
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|a Government and the Monetary System
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|a Natural Disasters and Their Management
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|a Technology
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|a Environment
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|a Environmental impact charges
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|a Economics: General
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|a Mining sector
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|a Informal sector
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|a Economic sectors
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|a Monetary Systems
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|a Financial services industry
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|a Investment & securities
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|a Redistributive Effects
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|a Extractive industries
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|a Vernon, Nate
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|a eng
|2 ISO 639-2
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|b IMF
|a International Monetary Fund
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|a IMF Working Papers
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|a 10.5089/9798400256080.001
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|u https://elibrary.imf.org/view/journals/001/2023/194/001.2023.issue-194-en.xml?cid=539214-com-dsp-marc
|x Verlag
|3 Volltext
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|a 330
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|a With increasing awareness of past environmental damage from crypto mining, questions arise as to how persistent the problem will be in the future and how taxation can help in addressing this negative externality. We estimate that the global demand for electricity by crypto miners reached that of Australia or Spain, resulting in 0.33% of global CO2 emissions in 2022. Projections suggest sustained future electricity demand and indicate further increases in CO2 emissions if crypto prices significantly increase and the energy efficiency of mining hardware is low. To address global warming, we estimate the corrective excise on the electricity used by crypto miners to be USD 0.045 per kWh, on average. Considering also air pollution costs raises the tax to USD 0.087 per kWh. Country-specific estimates vary depending on their electricity sources
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