The economic risk of the carbon footprint of the Bitcoin network remains unexplored. We develop the real-time artificial price for the carbon footprint of the Bitcoin network and thereby extend the climate value at risk (VaR) into the climate expected shortfall (ES) by employing both parametric and semiparametric models. On the basis of the best-fitted climate VaR and ES estimations, we find that the 95th percentiles (upper bound) of the climate VaR and ES are 8.04 and 10.37 billion euros, respectively, and the 99th percentiles (upper bound) of climate VaR and ES are 11.33 and 14.15 billion euros, respectively. Moreover, given the climate VaR and ES estimations on the basis of similar carbon footprint, the negative environmental externality of the Bitcoin network based on the current carbon price is not sufficient to reflect the environmental cost. Overall, our research provides new insight into the linkage between the Bitcoin network and the environment, which will provide meaningful information for both investors and policymakers.

比特币网络碳足迹的经济风险尚待探索。我们为比特币网络的碳足迹开发了实时的人工价格，从而通过采用参数和半参数模型，将气候风险值（VaR）扩展为气候预期缺口（ES）。根据最合适的气候VaR和ES估算，我们发现，气候VaR和ES的第95个百分位数（上限）分别为8.04欧元和103.7亿欧元，气候VaR的第99个百分位数（上限）和ES分别为11.33亿欧元和141.5亿欧元。此外，鉴于基于相似碳足迹的气候VaR和ES估算，基于当前碳价的比特币网络的负面环境外部性不足以反映环境成本。