Are energy consumption and carbon emission caused by Bitcoin? A novel time-varying technique

Qin, Meng; Wu, Tong; Ma, X.; Albu, Lucian-Liviu; Umar, Muhammad

doi:10.1016/j.eap.2023.08.004

Cited by 16 publications

(3 citation statements)

References 52 publications

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“…Long et al (2023) demonstrated that the dynamics of Bitcoin prices, including returns and volatility, are crucial factors driving carbon emissions and carbon prices. Qin et al (2023) provided the insight that the price of Bitcoin has a positive impact on carbon emissions and energy consumption. Pagone et al (2023) illustrated that the energy-intensive nature of Bitcoin's algorithm has resulted in its carbon footprint being approximately four times larger than the sum of all traditional currency forms, which has raised environmental concerns.…”

Section: Bitcoin Market and Environmentmentioning

confidence: 99%

“…As the demand for Bitcoin increases, more miners need to employ powerful computers to improve the arithmetic speed and efficiency of operations (Sarkodie et al, 2022). This Bitcoin mining calculation process usually relies heavily on fossil energy such as coal and oil, which will inevitably lead to more energy consumption (Qin et al, 2023). Therefore, it is urgent to take measures to improve energy efficiency and ensure the sustainability of energy.…”

Section: Theoretical Basis and Hypothesis Developmentmentioning

confidence: 99%

“…By the end of 2020, China dominated over 75% of the worldwide Bitcoin blockchain operation (Jiang et al, 2021). Admittedly, China is likely to face serious environmental threats caused by the rising energy consumption associated with bitcoin mining (Qin et al, 2023). In recent years, China has sought a transformation in development mode and first announced the "Carbon Neutrality and Carbon Peak" targets.…”

Section: The Qardl Analysismentioning

confidence: 99%

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Bitcoin Price and Chinese Green Bonds: Evidence From the Qardl Method

Wang,

Wen,

Zhang

et al. 2024

Technological and Economic Development of Economy

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This article primally explores the short-term fluctuation and long-term implications of the international Bitcoin price (BP) on the Chinese green bond (GB) market, within the sample period of 2014:M10–2023:M07. Bitcoin is the most important cryptocurrency and has a carbon-intensive feature, and its price suffers from great volatility and is closely related to the green finance market. Meanwhile, although China is the largest bitcoin mining state, it is pursuing a dual carbon target, which promotes its green bond market’s development. Thus, it is valuable to investigate the influence of BP on GBs in China. Based on the quantile autoregressive distributed lag approach, this paper indicates that the positive and negative impacts of BP on the GB market are significant in the long-term but not apparent in the short-term. These results emphasize the importance for market participants to obtain a better understanding of how BP affects GB under various market circumstances. Implementing specific policies, such as regulatory mechanisms for Bitcoin trade, market-oriented reform for the bond market, and information disclosure, can alleviate shocks from BP and accelerate the development of the GB market.

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Section: Bitcoin Market and Environmentmentioning

confidence: 99%

Section: Theoretical Basis and Hypothesis Developmentmentioning

confidence: 99%

Section: The Qardl Analysismentioning

confidence: 99%

See 1 more Smart Citation

Bitcoin Price and Chinese Green Bonds: Evidence From the Qardl Method

Wang,

Wen,

Zhang

et al. 2024

Technological and Economic Development of Economy

Self Cite

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The feasibility study of the production of Bitcoin with geothermal energy: Case study

Ehyaei,

Esmaeilion,

Shamoushaki

et al. 2023

Energy Science & Engineering

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In this paper, a multigeneration cycle of electricity, cooling, and Bitcoin whose energy source is geothermal, has been subjected to energy, exergy, and economic analyses. The cycle under consideration includes the steam cycle (upstream cycle), the carbon dioxide cycle (downstream cycle), and the liquid–gas line to absorb the heat dissipated by the carbon dioxide cycle. In this cycle, the steam cycle condenser acts as the carbon dioxide cycle evaporator. Part of the electricity generated by this cycle is used to generate Bitcoins. Energy and exergy efficiencies at baseline (excluding Bitcoin production) are 45.8% and 38.1%, respectively. In this cycle, if more power is spent on producing Bitcoin as a product, the energy and exergy efficiencies of the cycle are reduced. Because Bitcoin itself is not valuable in terms of energy and exergy. Considering the average price of Bitcoin during the years 2015–2022 and if 100% of the electricity generated by the system is spent on Bitcoin production, the payback period in 2018, 2021, and 2022 when the price of Bitcoin is equal to $13,412.4, $21,398.8, and $47,743.0, respectively, are less than the baseline. Therefore, the production of Bitcoin with a variety of renewable energies can be considered as a solution. Of course, it should be noted that large changes in the price of Bitcoin can affect the issue of economic benefit.

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The security of energy import: Do economic policy uncertainty and geopolitical risk really matter?

Zhang,

Meng,

2024

Economic Analysis and Policy

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Are energy consumption and carbon emission caused by Bitcoin? A novel time-varying technique

Cited by 16 publications

References 52 publications

Bitcoin Price and Chinese Green Bonds: Evidence From the Qardl Method

Bitcoin Price and Chinese Green Bonds: Evidence From the Qardl Method

The feasibility study of the production of Bitcoin with geothermal energy: Case study

The security of energy import: Do economic policy uncertainty and geopolitical risk really matter?

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