We examine the effects of energy usage on the return, volatility and jump processes in the Bitcoin (BTC) and Ethereum (ETH) markets. Our main finding indicates that while BTC returns respond significantly to changes in electricity consumption, the effect of electricity consumption on ETH returns is negligible. We attribute this discrepancy to BTC's relative energy inefficiency, which contrasts with ETH's commitment to transitioning to a more energy-efficient mining protocol over our sample period. Additionally, we show that the effect of electricity consumption on cryptocurrencies is mitigated by media coverage and policy uncertainty regarding the state of the economy, environment, and cryptocurrency markets. Our results suggest that when trading cryptocurrencies, investors consider their relative energy efficiency and price electricity consumption differently, highlighting the influence of the transition towards more sustainable energy practices on investor preferences and investment decisions in cryptocurrency markets.

中文翻译：

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可持续能源实践和加密货币市场行为


我们研究了能源使用对比特币 （BTC） 和以太坊 （ETH） 市场回报、波动性和跳跃过程的影响。我们的主要发现表明，虽然 BTC 回报对电力消耗的变化反应显著，但电力消耗对 ETH 回报的影响可以忽略不计。我们将这种差异归因于 BTC 相对能源效率低下，这与 ETH 在我们的样本期内致力于过渡到更节能的挖矿协议形成鲜明对比。此外，我们还表明，媒体报道和有关经济状况、环境和加密货币市场的政策不确定性减轻了电力消耗对加密货币的影响。我们的结果表明，在交易加密货币时，投资者对其相对能源效率和电力消耗价格的考虑不同，这凸显了向更可持续能源实践过渡对加密货币市场投资者偏好和投资决策的影响。