Information flow dynamics between cryptocurrency returns and electricity consumption: A comparative analysis of Bitcoin and Ethereum

IF 7.4 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2024-08-22 DOI:10.1016/j.frl.2024.105997

引用次数: 0

Abstract

Understanding energy consumption associated with cryptocurrency mining gained increasing attention, with the literature focusing mainly on Bitcoin. This study uses data from the two energy consumption indices, to estimate static and dynamic transfer entropies. The results provide a nuanced understanding of the bidirectional relationships and their implications. The dominant direction of information flow for Bitcoin is from electricity consumption to returns, while for Ethereum, it is from returns to electricity consumption, suggesting that Ethereum's returns significantly impact electricity consumption patterns. Results highlight the need for policies that integrate energy forecasting and environmental sustainability considerations and has significant implications for policymaking.

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加密货币回报与电力消耗之间的信息流动态：比特币和以太坊的比较分析

了解与加密货币挖矿相关的能源消耗越来越受到关注，文献主要集中在比特币方面。本研究利用两个能源消耗指数的数据来估算静态和动态转移熵。研究结果提供了对双向关系及其影响的细致理解。比特币的主要信息流方向是从电力消耗到回报，而以太坊的主要信息流方向是从回报到电力消耗，这表明以太坊的回报对电力消耗模式有显著影响。研究结果凸显了将能源预测与环境可持续性考虑相结合的政策需求，对政策制定具有重要意义。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

期刊介绍： Finance Research Letters welcomes submissions across all areas of finance, aiming for rapid publication of significant new findings. The journal particularly encourages papers that provide insight into the replicability of established results, examine the cross-national applicability of previous findings, challenge existing methodologies, or demonstrate methodological contingencies. Papers are invited in the following areas: Actuarial studies Alternative investments Asset Pricing Bankruptcy and liquidation Banks and other Depository Institutions Behavioral and experimental finance Bibliometric and Scientometric studies of finance Capital budgeting and corporate investment Capital markets and accounting Capital structure and payout policy Commodities Contagion, crises and interdependence Corporate governance Credit and fixed income markets and instruments Derivatives Emerging markets Energy Finance and Energy Markets Financial Econometrics Financial History Financial intermediation and money markets Financial markets and marketplaces Financial Mathematics and Econophysics Financial Regulation and Law Forecasting Frontier market studies International Finance Market efficiency, event studies Mergers, acquisitions and the market for corporate control Micro Finance Institutions Microstructure Non-bank Financial Institutions Personal Finance Portfolio choice and investing Real estate finance and investing Risk SME, Family and Entrepreneurial Finance

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