Experts criticize IMF report

A recent IMF report targeting Bitcoin mining has been met with strong opposition from industry experts, who argue that the report misrepresents the environmental impact of crypto mining. On August 16, crypto ESG advocate Daniel Batten took to X to dismantle the IMF’s claims, labeling the report as a “flawed rhetorical attack” driven by central banks fearing Bitcoin adoption. according to Cryptopotato.

The IMF report, released on August 15, lumps Bitcoin mining with AI data centers, branding both as environmental threats. Batten countered, citing research showing Bitcoin mining’s positive impact on power grids, unlike AI data centers, which increase carbon emissions. The IMF’s reliance on discredited sources further weakens its position, leading Batten to urge policymakers to disregard the report. Meanwhile, the IMF’s push for a “cryptocarbon” tax, intended to hike electricity costs for miners by 85%, has been criticized as another attempt to curb Bitcoin’s growth in favor of central bank digital currencies.