The impact of the oil price on mineable and non-mineable cryptocurrencies

IF 3.1 4区工程技术 Q3 ENERGY & FUELS

Energy Sources Part B-Economics Planning and Policy Pub Date : 2023-10-11 DOI:10.1080/15567249.2023.2266692

Emre Ünal, Nezir Köse

{"title":"The impact of the oil price on mineable and non-mineable cryptocurrencies","authors":"Emre Ünal, Nezir Köse","doi":"10.1080/15567249.2023.2266692","DOIUrl":null,"url":null,"abstract":"ABSTRACTThe digital world has become an inevitable part of daily life. With cryptocurrencies, a new investment opportunity has emerged around the globe. Extending digital life increases the energy demand. These new assets consume a considerable amount of energy resources. The mining process in particular can be significantly affected by energy prices. The purpose of this work is to reveal the impact of the oil price on mineable and non-mineable cryptocurrencies which would provide insight for policymakers, investors, miners, and portfolio managers. This research utilized a panel cointegration model and panel Granger causality tests to the daily data collected between May 11, 2021 and June 23, 2022. 15 mineable and 19 non-mineable cryptocurrencies were selected for the study. Other variables include the oil price, the VIX, and the gold price. The research indicated that there is a negative correlation between the oil price and cryptocurrencies. The VIX had a negative effect in the short term, whereas the gold price had a positive and significant correlation in the long term. The impact of the oil price on mineable cryptocurrencies was larger than that on non-mineable cryptocurrencies. This means that alternative energy resources are essential to reduce the dependency of cryptocurrencies on this type of fossil fuel.KEYWORDS: Cryptocurrencymineable and non-mineablepanel granger causality testoil priceVIX Disclosure statementNo potential conflict of interest was reported by the author(s).Notes1 Since the order of integration for the VIX is zero, this variable has not included in the econometric equation for detection long-term equilibrium relationship.","PeriodicalId":51247,"journal":{"name":"Energy Sources Part B-Economics Planning and Policy","volume":"61 1","pages":"0"},"PeriodicalIF":3.1000,"publicationDate":"2023-10-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Energy Sources Part B-Economics Planning and Policy","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.1080/15567249.2023.2266692","RegionNum":4,"RegionCategory":"工程技术","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q3","JCRName":"ENERGY & FUELS","Score":null,"Total":0}

引用次数: 0

Abstract

ABSTRACTThe digital world has become an inevitable part of daily life. With cryptocurrencies, a new investment opportunity has emerged around the globe. Extending digital life increases the energy demand. These new assets consume a considerable amount of energy resources. The mining process in particular can be significantly affected by energy prices. The purpose of this work is to reveal the impact of the oil price on mineable and non-mineable cryptocurrencies which would provide insight for policymakers, investors, miners, and portfolio managers. This research utilized a panel cointegration model and panel Granger causality tests to the daily data collected between May 11, 2021 and June 23, 2022. 15 mineable and 19 non-mineable cryptocurrencies were selected for the study. Other variables include the oil price, the VIX, and the gold price. The research indicated that there is a negative correlation between the oil price and cryptocurrencies. The VIX had a negative effect in the short term, whereas the gold price had a positive and significant correlation in the long term. The impact of the oil price on mineable cryptocurrencies was larger than that on non-mineable cryptocurrencies. This means that alternative energy resources are essential to reduce the dependency of cryptocurrencies on this type of fossil fuel.KEYWORDS: Cryptocurrencymineable and non-mineablepanel granger causality testoil priceVIX Disclosure statementNo potential conflict of interest was reported by the author(s).Notes1 Since the order of integration for the VIX is zero, this variable has not included in the econometric equation for detection long-term equilibrium relationship.

查看原文本刊更多论文

油价对可开采和不可开采加密货币的影响

摘要数字世界已经成为人们日常生活中不可避免的一部分。随着加密货币的出现，全球出现了新的投资机会。数字生活的延长增加了能源需求。这些新资产消耗了大量的能源资源。采矿过程尤其会受到能源价格的重大影响。这项工作的目的是揭示油价对可开采和不可开采加密货币的影响，这将为政策制定者、投资者、矿工和投资组合经理提供见解。本研究采用面板协整模型和面板格兰杰因果检验对2021年5月11日至2022年6月23日收集的日常数据。研究中选择了15种可开采和19种不可开采的加密货币。其他变量包括油价、波动率指数和金价。研究表明，油价与加密货币之间存在负相关关系。波动率指数在短期内具有负相关，而黄金价格在长期内具有显著的正相关。油价对可开采加密货币的影响大于对不可开采加密货币的影响。这意味着替代能源对于减少加密货币对这种化石燃料的依赖至关重要。关键词:加密货币可开采和不可开采面板格兰杰因果关系睾酮价格vix披露声明作者未报告潜在的利益冲突。注1由于VIX的积分阶为零，该变量未包含在检测长期均衡关系的计量方程中。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

求助全文

约1分钟内获得全文求助全文

来源期刊

Energy Sources Part B-Economics Planning and Policy ENERGY & FUELS-

CiteScore

6.80

自引率

12.80%

发文量

审稿时长

6-12 weeks

期刊介绍： 12 issues per year Abstracted and/or indexed in: Applied Science & Technology Index; API Abstracts/Literature; Automatic Subject Index Citation; BIOSIS Previews; Cabell’s Directory of Publishing Opportunities in Economics and Finance; Chemical Abstracts; CSA Aquatic Science & Fisheries Abstracts; CSA Environmental Sciences & Pollution Management Database; CSA Pollution Abstracts; Current Contents/Engineering, Technology & Applied Sciences; Directory of Industry Data Sources; Economic Abstracts; Electrical and Electronics Abstracts; Energy Information Abstracts; Energy Research Abstracts; Engineering Index Monthly; Environmental Abstracts; Environmental Periodicals Bibliography (EPB); International Abstracts in Operations Research; Operations/Research/Management Science Abstracts; Petroleum Abstracts; Physikalische Berichte; and Science Citation Index. Taylor & Francis make every effort to ensure the accuracy of all the information (the "Content") contained in our publications. However, Taylor & Francis, our agents, and our licensors make no representations or warranties whatsoever as to the accuracy, completeness, or suitability for any purpose of the Content. Any opinions and views expressed in this publication are the opinions and views of the authors, and are not the views of or endorsed by Taylor & Francis. The accuracy of the Content should not be relied upon and should be independently verified with primary sources of information. Taylor & Francis shall not be liable for any losses, actions, claims, proceedings, demands, costs, expenses, damages, and other liabilities whatsoever or howsoever caused arising directly or indirectly in connection with, in relation to, or arising out of the use of the Content. Terms & Conditions of access and use can be found at http://www.tandfonline.com/page/terms-and-conditions .