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THE CAUSAL RELATIONSHIP BETWEEN BITCOIN ENERGY CONSUMPTION AND CRYPTOCURRENCY UNCERTAINTY

Yıl 2022, Cilt: 11 Sayı: 1, 58 - 67, 30.03.2022

Samet Gursoy Hilmi Tunahan Akkus Mesut Dogan

https://doi.org/10.17261/Pressacademia.2022.1552

Öz

Purpose- Investigating the relationship between the energy consumption for Bitcoin and the price and policy uncertainties in the
cryptocurrency markets.
Methodology- It was preferred for unit root tests of series the Zivot-Andrews Unit Root Test, which takes into account structural breaks.
Depending on the stagnation of the variables at different levels, the Toda-Yamamoto (1995) causality test was applied by using weekly data
in period 19.02.2017 and 07.02.2021.
Findings- One-way causality was found on the indices of cryptocurrency price uncertainty and cryptocurrency policy uncertainty from bitcoin
energy consumption. In addition, it is understood from the Chi-Square Test Statistic (13.16980) coefficient that the change in bitcoin energy
consumption is more dominant on the crypto money policy uncertainty. It was reached that changes in bitcoin energy consumption have an
effect on both price and crypto money policies in all crypto markets.
Conclusion- In line with these results, it is concluded that the uncertainties in the crypto markets are under the influence of many external
political factors. This study investigated the effect of price and political uncertainty on bitcoin energy consumption in the entire
cryptocurrency market, but it was concluded that bitcoin energy consumption is not only linked to crypto markets, but also under the
influence of government interventions, bans, ill-recognition, and developments and movements in other financial markets.

Anahtar Kelimeler

Bitcoin energy consumption bitcoin mining cryptocurrencies crypto money price uncertainty index

Kaynakça

  • Aytekin, I. & Kaya, M.V. (2022). Investigation of the effects of digital money Bitcoin and Electronic Funds Transfers on electric energy consumption. 24th RSEP International Conference on Economics, Finance & Business, Vienna, Austria, 149-155.
  • Badea, L., & Mungpiu-Pupӑzan, M. (2021). The Economic and Environmental Impact of Bitcoin. IEEE Access, 9, 48091-48104.
  • Balcısoy, E. (2017). Yüksek performanslı bitcoin madenciliği için SHA256 özet algoritmasının eniyilenmesi (Master's thesis, TOBB ETÜ Fen Bilimleri Enstitüsü)
  • Baur, D. G., Hong, K. H., & Lee, A. D. (2018). Bitcoin: medium of exchange or speculative assets? Journal of International Financial Markets, Institutions and Money, 54, 177-189.
  • Bouri, E., Gupta, R., Lau, C. K. M., Roubaud, D., & Wang, S. (2018). Bitcoin and global financial stress: A copula-based approach to dependence and causality in the quantiles. The Quarterly Review of Economics and Finance, 69 , 297–307.
  • Böyükaslan A, & Ecer F (2021) Determination of drivers for investing in cryptocurrencies through a fuzzy full consistency method-Bonferroni (FUCOM-F’B) framework. Technol Soc 67:101745.
  • Buğan, M. F. (2021). Bitcoin ve Altcoin Kripto Para Piyasalarında Finansal Balonlar . Akademik Araştırmalar ve Çalışmalar Dergisi (AKAD) , 13 (24) , 165-180 . DOI: 10.20990/kilisiibfakademik.880126
  • Çelik, İ. (2020). Bitcoin istikrarlı bir yatırım olabilir mi? Mali Çalışmalar, 24(2), 19-36.
  • Cheng, H. P., & Yen, K. C. (2020). The relationship between the economic policy uncertainty and the cryptocurrency market. Finance Research Letters, 35, 101308.
  • Corbet, S., Lucey, B., & Yarovaya, L. (2021). Bitcoin-energy markets interrelationships-New evidence. Resources Policy, 70, 101916.
  • Demir, E., Gozgor, G., Lau, C.K.M. & Vigne, S.A., (2018). Does economic policy uncertainty predict the Bitcoin returns? An empirical investigation. Financial Research Letters, 26, 145–149.
  • Diaconaşu, D. E., Mehdian, S., & Stoica, O. (2022). An analysis of investors’ behavior in Bitcoin market. PloS one, 17(3), e0264522.
  • Dobrynskaya, V. (2021). Cryptocurrencies meet equities: risk factors and asset pricing relationships. Available at SSRN 3877248.
  • Dyhrberg, A. H. (2016). Bitcoin, gold and the dollar – a garch volatility analysis. Finance Research Letters, 16, 85-92.
  • Egiyi, M. A., & Ofoegbu, G. N. (2020). Cryptocurrency and climate change: An overview. International Journal of Mechanical Engineering and Technology (IJMET), 11(3), 15-22.
  • Elsayed, A. H., Gozgor, G., & Lau, C. K. M. (2022). Risk transmissions between bitcoin and traditional financial assets during the COVID-19 era: The role of global uncertainties. International Review of Financial Analysis, 81, 102069.
  • Fang, T., Su, Z., & Yin, L. (2020). Economic fundamentals or investor perceptions? The role of uncertainty in predicting long-term cryptocurrency volatility. International Review of Financial Analysis, 71, 101566.
  • Ferreira, P., & Pereira, É. (2019). Contagion effect in cryptocurrency market. Journal of Risk and Financial Management, 12(3), 115.
  • Gallersdörfer, U., Klaaßen, L., & Stoll, C. (2020). Energy consumption of cryptocurrencies beyond bitcoin. Joule, 4(9), 1843-1846.
  • Geels, J. (2022). Electrical power consumption reduction in the bitcoin mining process using phase change material. Future Energy, 1(1), 12- 15.
  • Gürsoy, S. & Tunçel, M.B. (2020). Kripto paralar ve finansal piyasalar arasındaki ilişkinin incelenmesi: bitcoin ve seçili pay piyasaları arasında yapılmış nedensellik analizi (2010-2020), Üçüncü Sektör Sosyal Ekonomi Dergisi, 55(4), 2126-2142
  • Haq, IU, Maneengam, A., Chupradit, S., Suksatan, W., & Huo, C. (2021). Bir risk yönetimi bulvarı olarak ekonomik politika belirsizliği ve kripto para piyasası: sistematik bir inceleme. Riskler , 9 (9), 163.
  • Hasan, M. B., Hassan, M. K., Karim, Z. A., & Rashid, M. M. (2021). Exploring the hedge and safe haven properties of cryptocurrency in policy uncertainty. Finance Research Letters, 102272.
  • Honak, I. (2021). Micro-and macroeconomic impact of cryptocurrency business. The Institute of Accounting, Control and Analysis in the Globalization Circumstances, (1-2), 78-87.
  • Hong, Y., Liu, Y., & Wang, S. (2009). Granger causality in risk and detection of extreme risk spillover between financial markets. Journal of Econometrics, 150 , 271–287.
  • https://brianmlucey.wordpress.com/2021/03/16/cryptocurrency-uncertainty-index-dataset/
  • https://digiconomist.net/bitcoin-energy-consumption
  • Huwaida, R. N., & Hidajat, T. (2020). Bitcoin: A new asset class? media ekonomi dan manajemen, 35 (2), 178-187.
  • Huynh, A. N. Q., Duong, D., Burggraf, T., Luong, H. T. T., & Bui, N. H. (2021). Energy consumption and Bitcoin market. Asia-Pacific Financial Markets, 5(2), 1-15.
  • Jana, R. K., Ghosh, I., & Wallin, M. W. (2022). Taming energy and electronic waste generation in bitcoin mining: Insights from Facebook prophet and deep neural network. Technological Forecasting and Social Change, 178, 121584.
  • Jiang, K., & Ashworth, P. (2021). The development of carbon capture utilization and storage (CCUS) research in China: A bibliometric perspective. Renewable and Sustainable Energy Reviews, 138, 110521.
  • Kilic, E. , Gürsoy, S. & Ergüney, E. B. (2021). Bitcoin elektrik tüketimi ile enerji piyasaları arasında volatilite yayılımı: seçili ülkelerden kanıtlar . Yaşar Üniversitesi E-Dergisi , 16 (64) , 1592-1604 . DOI: 10.19168/jyasar.94564
  • Kristoufek, L. (2020). Bitcoin and its mining on the equilibrium path. Energy Economics, 85, 1-9.
  • Long, S., Pei, H., Tian, H., & Lang, K. (2021). Can both Bitcoin and gold serve as safe-haven assets?—A comparative analysis based on the NARDL model. International Review of Financial Analysis, 78, 101914.
  • Lucey, B. M., Vigne, S. A., Yarovaya, L., & Wang, Y. (2022). The cryptocurrency uncertainty index. Finance Research Letters, 45, 102147.
  • Mora, C., Rollins, R. L., Taladay, K., Kantar, M. B., Chock, M. K., Shimada, M., & Franklin, E. C. (2018). Bitcoin emissions alone could push global warming above 2 C. Nature Climate Change, 8(11), 931-933.
  • Pillai, S., Biyani, D., Motghare, R., & Karia, D. (2021). Price prediction and notification system for cryptocurrency share market trading. In 2021 International Conference on Communication information and Computing Technology (ICCICT) (pp. 1-7). IEEE.
  • Platt, M., Sedlmeir, J., Platt, D., Tasca, P., Xu, J., Vadgama, N., & Ibañez, J. I. (2021). Energy footprint of blockchain consensus mechanisms beyond proof-of-work. arXiv preprint arXiv:2109.03667.
  • Sarkodie, S. A., Ahmed, M. Y., & Owusu, P. A. (2022). COVID-19 pandemic improves market signals of cryptocurrencies–evidence from Bitcoin, Bitcoin Cash, Ethereum, and Litecoin. Finance Research Letters, 44, 102049.
  • Shahzad, S. J. H., Bouri, E., Rehman, M. U., & Roubaud, D. (2022). The hedge asset for BRICS stock markets: Bitcoin, gold or VIX. The World Economy, 45(1), 292-316.
  • Singh, A. (2021). Investigating the dynamic relationship between litigation funding, gold, bitcoin and the stock market: The Case of Australia. Economic Modelling, 97 (2021), 45-57.
  • Stoll, C., Klaaßen, L., & Gallersdörfer, U. (2019). The carbon footprint of bitcoin. Joule, 3(7), 1647-1661.
  • Toda, H. Y., & Yamamoto, T. (1995). Statistical inference in vector autoregressions with possibly integrated processes. Journal of Econometrics, 66(1–2), 225–250. https://doi.org/10.1016/0304-4076(94)01616-8
  • Wu, S., Tong, M., Yang, Z., & Derbali, A. (2019). Does gold or Bitcoin hedge economic policy uncertainty?. Finance Research Letters, 31, 171- 178.
  • Yan, L., Mirza, N., & Umar, M. (2021). The cryptocurrency uncertainties and investment transitions: Evidence from high and low carbon energy funds in China. Technological Forecasting and Social Change, 121326.
  • Zivot, E., & Andrews, D. W. K. (2002). Further evidence on the great crash, the oil-price shock, and the unit-root hypothesis. Journal of Business and Economic Statistics, 20(1), 25–44. https://doi.org/10.1198/073500102753410372

Yıl 2022, Cilt: 11 Sayı: 1, 58 - 67, 30.03.2022

Samet Gursoy Hilmi Tunahan Akkus Mesut Dogan

https://doi.org/10.17261/Pressacademia.2022.1552

Öz

Kaynakça

  • Aytekin, I. & Kaya, M.V. (2022). Investigation of the effects of digital money Bitcoin and Electronic Funds Transfers on electric energy consumption. 24th RSEP International Conference on Economics, Finance & Business, Vienna, Austria, 149-155.
  • Badea, L., & Mungpiu-Pupӑzan, M. (2021). The Economic and Environmental Impact of Bitcoin. IEEE Access, 9, 48091-48104.
  • Balcısoy, E. (2017). Yüksek performanslı bitcoin madenciliği için SHA256 özet algoritmasının eniyilenmesi (Master's thesis, TOBB ETÜ Fen Bilimleri Enstitüsü)
  • Baur, D. G., Hong, K. H., & Lee, A. D. (2018). Bitcoin: medium of exchange or speculative assets? Journal of International Financial Markets, Institutions and Money, 54, 177-189.
  • Bouri, E., Gupta, R., Lau, C. K. M., Roubaud, D., & Wang, S. (2018). Bitcoin and global financial stress: A copula-based approach to dependence and causality in the quantiles. The Quarterly Review of Economics and Finance, 69 , 297–307.
  • Böyükaslan A, & Ecer F (2021) Determination of drivers for investing in cryptocurrencies through a fuzzy full consistency method-Bonferroni (FUCOM-F’B) framework. Technol Soc 67:101745.
  • Buğan, M. F. (2021). Bitcoin ve Altcoin Kripto Para Piyasalarında Finansal Balonlar . Akademik Araştırmalar ve Çalışmalar Dergisi (AKAD) , 13 (24) , 165-180 . DOI: 10.20990/kilisiibfakademik.880126
  • Çelik, İ. (2020). Bitcoin istikrarlı bir yatırım olabilir mi? Mali Çalışmalar, 24(2), 19-36.
  • Cheng, H. P., & Yen, K. C. (2020). The relationship between the economic policy uncertainty and the cryptocurrency market. Finance Research Letters, 35, 101308.
  • Corbet, S., Lucey, B., & Yarovaya, L. (2021). Bitcoin-energy markets interrelationships-New evidence. Resources Policy, 70, 101916.
  • Demir, E., Gozgor, G., Lau, C.K.M. & Vigne, S.A., (2018). Does economic policy uncertainty predict the Bitcoin returns? An empirical investigation. Financial Research Letters, 26, 145–149.
  • Diaconaşu, D. E., Mehdian, S., & Stoica, O. (2022). An analysis of investors’ behavior in Bitcoin market. PloS one, 17(3), e0264522.
  • Dobrynskaya, V. (2021). Cryptocurrencies meet equities: risk factors and asset pricing relationships. Available at SSRN 3877248.
  • Dyhrberg, A. H. (2016). Bitcoin, gold and the dollar – a garch volatility analysis. Finance Research Letters, 16, 85-92.
  • Egiyi, M. A., & Ofoegbu, G. N. (2020). Cryptocurrency and climate change: An overview. International Journal of Mechanical Engineering and Technology (IJMET), 11(3), 15-22.
  • Elsayed, A. H., Gozgor, G., & Lau, C. K. M. (2022). Risk transmissions between bitcoin and traditional financial assets during the COVID-19 era: The role of global uncertainties. International Review of Financial Analysis, 81, 102069.
  • Fang, T., Su, Z., & Yin, L. (2020). Economic fundamentals or investor perceptions? The role of uncertainty in predicting long-term cryptocurrency volatility. International Review of Financial Analysis, 71, 101566.
  • Ferreira, P., & Pereira, É. (2019). Contagion effect in cryptocurrency market. Journal of Risk and Financial Management, 12(3), 115.
  • Gallersdörfer, U., Klaaßen, L., & Stoll, C. (2020). Energy consumption of cryptocurrencies beyond bitcoin. Joule, 4(9), 1843-1846.
  • Geels, J. (2022). Electrical power consumption reduction in the bitcoin mining process using phase change material. Future Energy, 1(1), 12- 15.
  • Gürsoy, S. & Tunçel, M.B. (2020). Kripto paralar ve finansal piyasalar arasındaki ilişkinin incelenmesi: bitcoin ve seçili pay piyasaları arasında yapılmış nedensellik analizi (2010-2020), Üçüncü Sektör Sosyal Ekonomi Dergisi, 55(4), 2126-2142
  • Haq, IU, Maneengam, A., Chupradit, S., Suksatan, W., & Huo, C. (2021). Bir risk yönetimi bulvarı olarak ekonomik politika belirsizliği ve kripto para piyasası: sistematik bir inceleme. Riskler , 9 (9), 163.
  • Hasan, M. B., Hassan, M. K., Karim, Z. A., & Rashid, M. M. (2021). Exploring the hedge and safe haven properties of cryptocurrency in policy uncertainty. Finance Research Letters, 102272.
  • Honak, I. (2021). Micro-and macroeconomic impact of cryptocurrency business. The Institute of Accounting, Control and Analysis in the Globalization Circumstances, (1-2), 78-87.
  • Hong, Y., Liu, Y., & Wang, S. (2009). Granger causality in risk and detection of extreme risk spillover between financial markets. Journal of Econometrics, 150 , 271–287.
  • https://brianmlucey.wordpress.com/2021/03/16/cryptocurrency-uncertainty-index-dataset/
  • https://digiconomist.net/bitcoin-energy-consumption
  • Huwaida, R. N., & Hidajat, T. (2020). Bitcoin: A new asset class? media ekonomi dan manajemen, 35 (2), 178-187.
  • Huynh, A. N. Q., Duong, D., Burggraf, T., Luong, H. T. T., & Bui, N. H. (2021). Energy consumption and Bitcoin market. Asia-Pacific Financial Markets, 5(2), 1-15.
  • Jana, R. K., Ghosh, I., & Wallin, M. W. (2022). Taming energy and electronic waste generation in bitcoin mining: Insights from Facebook prophet and deep neural network. Technological Forecasting and Social Change, 178, 121584.
  • Jiang, K., & Ashworth, P. (2021). The development of carbon capture utilization and storage (CCUS) research in China: A bibliometric perspective. Renewable and Sustainable Energy Reviews, 138, 110521.
  • Kilic, E. , Gürsoy, S. & Ergüney, E. B. (2021). Bitcoin elektrik tüketimi ile enerji piyasaları arasında volatilite yayılımı: seçili ülkelerden kanıtlar . Yaşar Üniversitesi E-Dergisi , 16 (64) , 1592-1604 . DOI: 10.19168/jyasar.94564
  • Kristoufek, L. (2020). Bitcoin and its mining on the equilibrium path. Energy Economics, 85, 1-9.
  • Long, S., Pei, H., Tian, H., & Lang, K. (2021). Can both Bitcoin and gold serve as safe-haven assets?—A comparative analysis based on the NARDL model. International Review of Financial Analysis, 78, 101914.
  • Lucey, B. M., Vigne, S. A., Yarovaya, L., & Wang, Y. (2022). The cryptocurrency uncertainty index. Finance Research Letters, 45, 102147.
  • Mora, C., Rollins, R. L., Taladay, K., Kantar, M. B., Chock, M. K., Shimada, M., & Franklin, E. C. (2018). Bitcoin emissions alone could push global warming above 2 C. Nature Climate Change, 8(11), 931-933.
  • Pillai, S., Biyani, D., Motghare, R., & Karia, D. (2021). Price prediction and notification system for cryptocurrency share market trading. In 2021 International Conference on Communication information and Computing Technology (ICCICT) (pp. 1-7). IEEE.
  • Platt, M., Sedlmeir, J., Platt, D., Tasca, P., Xu, J., Vadgama, N., & Ibañez, J. I. (2021). Energy footprint of blockchain consensus mechanisms beyond proof-of-work. arXiv preprint arXiv:2109.03667.
  • Sarkodie, S. A., Ahmed, M. Y., & Owusu, P. A. (2022). COVID-19 pandemic improves market signals of cryptocurrencies–evidence from Bitcoin, Bitcoin Cash, Ethereum, and Litecoin. Finance Research Letters, 44, 102049.
  • Shahzad, S. J. H., Bouri, E., Rehman, M. U., & Roubaud, D. (2022). The hedge asset for BRICS stock markets: Bitcoin, gold or VIX. The World Economy, 45(1), 292-316.
  • Singh, A. (2021). Investigating the dynamic relationship between litigation funding, gold, bitcoin and the stock market: The Case of Australia. Economic Modelling, 97 (2021), 45-57.
  • Stoll, C., Klaaßen, L., & Gallersdörfer, U. (2019). The carbon footprint of bitcoin. Joule, 3(7), 1647-1661.
  • Toda, H. Y., & Yamamoto, T. (1995). Statistical inference in vector autoregressions with possibly integrated processes. Journal of Econometrics, 66(1–2), 225–250. https://doi.org/10.1016/0304-4076(94)01616-8
  • Wu, S., Tong, M., Yang, Z., & Derbali, A. (2019). Does gold or Bitcoin hedge economic policy uncertainty?. Finance Research Letters, 31, 171- 178.
  • Yan, L., Mirza, N., & Umar, M. (2021). The cryptocurrency uncertainties and investment transitions: Evidence from high and low carbon energy funds in China. Technological Forecasting and Social Change, 121326.
  • Zivot, E., & Andrews, D. W. K. (2002). Further evidence on the great crash, the oil-price shock, and the unit-root hypothesis. Journal of Business and Economic Statistics, 20(1), 25–44. https://doi.org/10.1198/073500102753410372
Toplam 46 adet kaynakça vardır.

Ayrıntılar

Birincil Dil İngilizce
Konular Finans, İşletme
Bölüm Articles
Yazarlar

Samet Gursoy 0000-0003-1020-7438

Hilmi Tunahan Akkus Bu kişi benim 0000-0002-8407-1580

Mesut Dogan Bu kişi benim 0000-0001-6879-1361

Yayımlanma Tarihi 30 Mart 2022
Yayımlandığı Sayı Yıl 2022 Cilt: 11 Sayı: 1

Kaynak Göster

APA Gursoy, S., Akkus, H. T., & Dogan, M. (2022). THE CAUSAL RELATIONSHIP BETWEEN BITCOIN ENERGY CONSUMPTION AND CRYPTOCURRENCY UNCERTAINTY. Journal of Business Economics and Finance, 11(1), 58-67. https://doi.org/10.17261/Pressacademia.2022.1552

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