University of Western Australia Business School, Australia.
University of Western Australia Business School, Australia; Digital Finance Co-Operative Research Centre, Australia.
J Environ Manage. 2024 Oct;369:122299. doi: 10.1016/j.jenvman.2024.122299. Epub 2024 Sep 4.
This paper analyses the transition of Ethereum (ETH) from the energy-intensive Proof-of-Work (PoW) to the less energy-intensive Proof-of-Stake (PoS). We analyze returns, volatility, return correlations and volume of ETH, ETC and Bitcoin for all events in the lead-up to the actual change from PoW to PoS also labelled "the merge." The analysis suggests that some investors value the less energy-intensive mining mechanism and invest in ETH. However, since the overall effect is weak, we conclude that despite all the media attention and the stated concerns about the high energy-intensity of Bitcoin and PoW, most investors do not react to the change with an increased investment in Ethereum.
本文分析了以太坊（ETH）从能源密集型的工作量证明（PoW）到能源消耗较少的权益证明（PoS）的转变。我们分析了在实际从 PoW 到 PoS 转变之前的所有事件中，ETH、ETC 和比特币的收益、波动性、收益相关性和交易量。分析表明，一些投资者看重能源消耗较少的挖矿机制，并投资 ETH。然而，由于整体效果较弱，我们得出结论，尽管媒体对此高度关注，并且对比特币和 PoW 的高能耗表示担忧，但大多数投资者并未对这一变化做出反应，增加对以太坊的投资。
