Une meilleure rémunération des mineurs: un effet positif sur la performance financière des cryptomonnaies

Elise Alfieri and Yann Ferrat

Innovations, 2022, vol. n° 68, issue 2, 53-77

Abstract: To cope with the weakened financial system, the innovative ecosystem of cryptocurrencies and the blockchain seem to emerge as alternative solutions. While they offer a decentralized governance, cryptocurrencies also provide exposure to social dimensions. We thus pose the following research question: is there a virtuous circle between extra-financial and financial performance for cryptocurrencies? To answer this question, we analyze the social performance, an extra-financial dimension, through miners? compensation. Using a sample of cryptocurrencies between 2015 and 2021, we follow two econometric modeling approaches, namely portfolios constituted based on miner compensation and a panel regression model. This dual approach allows an analysis of the relationship at the macro and microeconomic level as well as enhancing the robustness of our inferences. Our results show that the social and financial performance relationship is positive. Thus, enhanced value sharing in the cryptocurrency landscape appears synonymous of greater financial performance. JEL Codes: C58, G14, G19, M14

Keywords: Bitcoin; Cryptocurrencies; Value Sharing; Social Performance; Returns (search for similar items in EconPapers)
JEL-codes: C58 G14 G19 M14 (search for similar items in EconPapers)
Date: 2022
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