Bitcoin mining places huge demands on energy systems and increases carbon emissions, which sequentially adds to the impact of climate change. This study investigates the impact of a series of factors on the Bitcoin carbon footprint (BCF). The overall effect of USD on reducing BCF is greater than that of stocks, bonds, and gold. The negative impacts of coal and natural gas on BCF are more pronounced at lower BCF quantiles, whereas renewable energy has almost entirely negative effects. Moreover, the uncertainty of economic and climate policies, energy and stock markets (EPU, CPU, EUI and VIX), as well as the climate physical risk index (CPR) have negative effects on BCF in most quantiles, especially in the lower and higher quantiles.

中文翻译：

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全球金融和能源市场、不确定性和气候变化关注对比特币碳足迹的影响


比特币挖矿对能源系统提出了巨大的要求，并增加了碳排放量，这依次增加了气候变化的影响。本研究调查了一系列因素对比特币碳足迹 （BCF） 的影响。美元对降低 BCF 的总体影响大于股票、债券和黄金。煤炭和天然气对 BCF 的负面影响在 BCF 分位数较低时更为明显，而可再生能源几乎完全具有负面影响。此外，经济和气候政策、能源和股票市场（EPU、CPU、EUI 和 VIX）以及气候物理风险指数 （CPR） 的不确定性对大多数分位数的 BCF 产生负面影响，尤其是在较低分位数和高分位数中。