{"title":"The Nexus Between Bitcoin and CO2 Emissions","authors":"Emre Ünal, Nezir Köse","doi":"10.1002/app5.70030","DOIUrl":null,"url":null,"abstract":"<p>This research examined the connection between Bitcoin, the prominent and extensively mined cryptocurrency, and CO<sub>2</sub> emissions using the SVAR model. Azerbaijan, Kazakhstan, and Russia, the three main countries in the Caspian Basin that are the centre of cryptocurrency mining, were examined in terms of their primary industries. The variance decomposition analysis indicated that the Bitcoin price had the most significant explanatory role in CO<sub>2</sub> emissions released by Oil and Natural Gas industry in Azerbaijan. When it comes to the CO<sub>2</sub> emissions that were emitted by the Petroleum Refining-Manufacture of Solid Fuels and Other Energy industry, as well as Manufacturing Industries and Construction, the Bitcoin price had the most important effect in Kazakhstan. There was a significant contribution made by Bitcoin to the CO<sub>2</sub> emissions that were emitted by the Manufacturing Industries and Construction in Russia. The impulse response functions illustrated a strong association between Bitcoin and CO<sub>2</sub> emissions. However, in contrast to existing research, this relationship was found to be negative. The increase in energy usage during Bitcoin price falls can be attributed to the need to compensate for losses, particularly in the mining process. To diminish this connection, the dependence of the cryptocurrency on fossil fuels must be minimised.</p>","PeriodicalId":45839,"journal":{"name":"Asia & the Pacific Policy Studies","volume":"12 3","pages":""},"PeriodicalIF":1.4000,"publicationDate":"2025-05-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/app5.70030","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Asia & the Pacific Policy Studies","FirstCategoryId":"90","ListUrlMain":"https://onlinelibrary.wiley.com/doi/10.1002/app5.70030","RegionNum":3,"RegionCategory":"社会学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"AREA STUDIES","Score":null,"Total":0}
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Abstract
This research examined the connection between Bitcoin, the prominent and extensively mined cryptocurrency, and CO2 emissions using the SVAR model. Azerbaijan, Kazakhstan, and Russia, the three main countries in the Caspian Basin that are the centre of cryptocurrency mining, were examined in terms of their primary industries. The variance decomposition analysis indicated that the Bitcoin price had the most significant explanatory role in CO2 emissions released by Oil and Natural Gas industry in Azerbaijan. When it comes to the CO2 emissions that were emitted by the Petroleum Refining-Manufacture of Solid Fuels and Other Energy industry, as well as Manufacturing Industries and Construction, the Bitcoin price had the most important effect in Kazakhstan. There was a significant contribution made by Bitcoin to the CO2 emissions that were emitted by the Manufacturing Industries and Construction in Russia. The impulse response functions illustrated a strong association between Bitcoin and CO2 emissions. However, in contrast to existing research, this relationship was found to be negative. The increase in energy usage during Bitcoin price falls can be attributed to the need to compensate for losses, particularly in the mining process. To diminish this connection, the dependence of the cryptocurrency on fossil fuels must be minimised.
期刊介绍：
Asia & the Pacific Policy Studies is the flagship journal of the Crawford School of Public Policy at The Australian National University. It is a peer-reviewed journal that targets research in policy studies in Australia, Asia and the Pacific, across a discipline focus that includes economics, political science, governance, development and the environment. Specific themes of recent interest include health and education, aid, migration, inequality, poverty reduction, energy, climate and the environment, food policy, public administration, the role of the private sector in public policy, trade, foreign policy, natural resource management and development policy. Papers on a range of topics that speak to various disciplines, the region and policy makers are encouraged. The goal of the journal is to break down barriers across disciplines, and generate policy impact. Submissions will be reviewed on the basis of content, policy relevance and readability.
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