{"id":4735,"date":"2024-08-18T20:25:42","date_gmt":"2024-08-18T20:25:42","guid":{"rendered":"https:\/\/cryptd.in\/experts-refute-damning-imf-attack-piece-on-crypto-mining\/"},"modified":"2024-08-18T20:25:42","modified_gmt":"2024-08-18T20:25:42","slug":"experts-refute-damning-imf-attack-piece-on-crypto-mining","status":"publish","type":"post","link":"https:\/\/cryptd.in\/sl\/experts-refute-damning-imf-attack-piece-on-crypto-mining\/","title":{"rendered":"Experts Refute Damning IMF \u2018Attack Piece\u2019 on Crypto Mining"},"content":{"rendered":"

In a post on X on Aug. 16, crypto ESG advocate and researcher Daniel Batten posted a rebuttal to an Aug. 15 IMF poro\u010dilo<\/a> on Bitcoin mining emissions.<\/p>\n

He argued that the IMF report uses flawed rhetorical techniques, such as \u201cguilt by association,\u201d by linking Bitcoin mining with AI data centers\u2019 energy consumption.<\/p>\n

The report titled \u201cCarbon Emissions from AI and Crypto Are Surging and Tax Policy Can Help\u201d bundled crypto and AI together, labeling them as \u201cpower hungry\u201d threats to the environment.<\/p>\n

Another Central Bank Attack Piece<\/h2>\n

Batten said that the attack pieces are usually from those that stand to lose from Bitcoin adoption, namely central banks.<\/p>\n

\u201cWith the scientific consensus and mainstream journalism now concluding that Bitcoin mining has significant environmental benefits, those who stand to lose most from mainstream adoption of Bitcoin (IMF, Central Banks) are needing to resort to direct attack-pieces.\u201d<\/p>\n

Rebuttal of New IMF report on Bitcoin mining emissions<\/p>\n

IMF report says \u201cCarbon Emissions from AI and Cryto are surging\u201d then goes on to a detailed report on how regulators should impose \u201ccryptocarbon\u201d tax.<\/p>\n

Rebuttal:<\/p>\n

Firstly, Bitcion advocates everywhere should pause to\u2026 pic.twitter.com\/GClHEi0FvR<\/a><\/p>\n

\u2014 Daniel Batten (@DSBatten) August 15, 2024<\/a><\/p>\n\n

He claimed that, unlike AI data centers, Bitcoin mining has been shown to have a positive impact<\/a> on power grids.<\/p>\n

Research has shown that flexible data centers, such as Bitcoin mining operations, have a net decarbonizing impact on grids, whereas inflexible data centers, such as AI, have a net carbonizing impact.<\/p>\n

He pointed out that IMFs own data sources revealed that by 2027, crypto\u2019s share of global electricity use, and its share of global CO2 emissions will have decreased. However, both will have increased for the AI industry.<\/p>\n

The IMF also relies heavily on discredited or debunked<\/a> authors such as Alex de Vries and dated information from 2022 from Cambridge University.<\/p>\n

Batten concluded that any reports from the IMF \u201cshould be disregarded as being of a low research-standard,\u201d and unusable to policymakers and regulators.<\/p>\n

\u201cThis is super informative. Thanks for writing,\u201d replied<\/a> US Senator Cynthia Lummis.<\/p>\n

Tax Them All<\/h2>\n

The IMF\u2019s Fiscal Affairs deputy division chief Shafik Hebous and climate policy division economist Nate Vernon-Lin wrote that a per kilowatt hour tax \u201cwould drive the crypto mining industry to curb its emissions in line with global goals.\u201d<\/p>\n

They claimed that a higher tax would increase the average electricity price for crypto miners by 85%. This would also increase yearly global government revenue by $5.2 billion and reduce emissions by 100 million tons annually, they declared.<\/p>\n

The IMF is all\u00a0in favor<\/a>\u00a0of central bank digital currencies (CBDCs); however, reporting last year on increased interest in them and\u00a0the development of<\/a> its own platform.<\/p>\n

Prispevek Experts Refute Damning IMF \u2018Attack Piece\u2019 on Crypto Mining<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

In a post on X on Aug. 16, crypto ESG advocate and researcher Daniel Batten posted a rebuttal to an Aug. 15 IMF report on Bitcoin mining emissions. He argued that the IMF report uses flawed rhetorical techniques, such as \u201cguilt by association,\u201d by linking Bitcoin mining with AI data centers\u2019 energy consumption. The report […]<\/p>\n","protected":false},"author":0,"featured_media":4736,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-4735","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-feeds"],"yoast_head":"\nExperts Refute Damning IMF \u2018Attack Piece\u2019 on Crypto Mining - cryptd.in<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptd.in\/sl\/experts-refute-damning-imf-attack-piece-on-crypto-mining\/\" \/>\n<meta property=\"og:locale\" content=\"sl_SI\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Experts Refute Damning IMF \u2018Attack Piece\u2019 on Crypto Mining - cryptd.in\" \/>\n<meta property=\"og:description\" content=\"In a post on X on Aug. 16, crypto ESG advocate and researcher Daniel Batten posted a rebuttal to an Aug. 15 IMF report on Bitcoin mining emissions. 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