{"title":"Dynamics of bitcoin prices and energy consumption","authors":"Moinak Maiti","doi":"10.1016/j.csfx.2022.100086","DOIUrl":null,"url":null,"abstract":"<div><p>The present study examines the nonlinear relationship between the bitcoin prices and total bitcoin energy consumption over the period November 2010 and October 2021. A discrete threshold regression (TR) model is deployed to estimate the unknown thresholds that trigger the Bitcoin prices regime change. The designated TR model identifies six regimes of change for Bitcoin price movements. The estimated critical threshold specifications (total bitcoin energy consumption) that trigger the regime change of Bitcoin prices are estimated as 0.13, 2.52, 14.06, 43.17, and 146.29 respectively. The study finds that the impact of total bitcoin energy consumption on bitcoin prices are only statistically significant in the higher (4<sup>th</sup> and 6<sup>th</sup>) regimes respectively. The message here is that the impact of total bitcoin energy consumption on bitcoin prices is not uniform.</p></div>","PeriodicalId":37147,"journal":{"name":"Chaos, Solitons and Fractals: X","volume":"9 ","pages":"Article 100086"},"PeriodicalIF":0.0000,"publicationDate":"2022-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S259005442200015X/pdfft?md5=bb4d5e7d9288017dbf660b33048393d1&pid=1-s2.0-S259005442200015X-main.pdf","citationCount":"10","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Chaos, Solitons and Fractals: X","FirstCategoryId":"1085","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S259005442200015X","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"Mathematics","Score":null,"Total":0}
引用次数: 10
Abstract
The present study examines the nonlinear relationship between the bitcoin prices and total bitcoin energy consumption over the period November 2010 and October 2021. A discrete threshold regression (TR) model is deployed to estimate the unknown thresholds that trigger the Bitcoin prices regime change. The designated TR model identifies six regimes of change for Bitcoin price movements. The estimated critical threshold specifications (total bitcoin energy consumption) that trigger the regime change of Bitcoin prices are estimated as 0.13, 2.52, 14.06, 43.17, and 146.29 respectively. The study finds that the impact of total bitcoin energy consumption on bitcoin prices are only statistically significant in the higher (4th and 6th) regimes respectively. The message here is that the impact of total bitcoin energy consumption on bitcoin prices is not uniform.
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