Negative elements of cryptocurrencies: Exploring the drivers of Bitcoin carbon footprints

Long, Suwan(Cheng), Brian Lucey, Dayong Zhang and Zhiwei Zhang

Finance Research Letters, 2023, vol. 58, issue PA

Abstract: This paper adopts an interactive network approach to investigate the factors driving the carbon footprint of Bitcoin, a negative aspect of cryptocurrencies. Our findings demonstrate that the dynamics of Bitcoin prices, including both returns and volatility, have a significant impact on the system comprising carbon emissions, energy prices, carbon prices, and financial indicators. During the first two years of the COVID-19 pandemic period, the spillover effects are observed to be particularly strong. Furthermore, we find that the dynamics of Bitcoin prices play a crucial role in driving its associated carbon emissions.

Keywords: Bitcoin; Carbon footprint; COVID-19; Cryptocurrency; Emissions (search for similar items in EconPapers)
JEL-codes: G14 Q54 (search for similar items in EconPapers)
Date: 2023
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (3)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:finlet:v:58:y:2023:i:pa:s1544612323004038

DOI: 10.1016/j.frl.2023.104031

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