Department of Economics, Faculty of Economics and Administrative Sciences, Hatay Mustafa Kemal University, 31060, Hatay, Turkey.
Nord University Business School (HHN), Post Box 1490, 8049, Bodø, Norway.
Environ Sci Pollut Res Int. 2022 May;29(21):31723-31733. doi: 10.1007/s11356-021-17998-y. Epub 2022 Jan 11.
When bitcoin (BTC), the first pioneering cryptocurrency was released in 2009, it was considered an apolitical currency. Besides, the possible effect of BTC and other cryptocurrencies on either financial markets or transactions has been widely discussed. However, the environmental effects of cryptocurrency demand have been ignored. Here, this study examines the nexus between cryptocurrencies and environmental degradation by employing standard and asymmetric causality methods. The Toda-Yamamoto and bootstrap-augmented Toda-Yamamoto test results reveal Bitcoin and Ethereum (ETH) excluding Ripple (XRP) have causal effects on environmental degradation. The Fourier-augmented Toda-Yamamoto test results show causal effects running from Bitcoin and Ripple to environmental degradation, whereas no causal effect runs from Ethereum to environmental degradation. The asymmetric causality shows causal effects from the positive shock of Bitcoin demand, negative shocks of Ripple and Ethereum demands to positive shocks of environmental degradation. Further discussions and policy implications are provided in the relevant sections of this study.
当比特币（BTC）作为第一种先驱的加密货币于 2009 年发行时，它被认为是一种非政治性货币。此外，BTC 和其他加密货币对金融市场或交易可能产生的影响也受到了广泛的讨论。然而，加密货币需求对环境的影响却被忽视了。在这里，本研究通过采用标准和非对称因果关系方法，检验了加密货币和环境退化之间的关系。Toda-Yamamoto 和 bootstrap-augmented Toda-Yamamoto 检验结果表明，比特币和以太坊（ETH）（不包括瑞波币（XRP））对环境退化有因果关系。Fourier-augmented Toda-Yamamoto 检验结果表明，比特币和瑞波币的需求对环境退化有因果关系，而以太坊的需求对环境退化没有因果关系。非对称因果关系表明，比特币需求的正冲击、瑞波币和以太坊需求的负冲击对环境退化的正冲击有因果关系。本研究的相关章节提供了进一步的讨论和政策含义。
