This paper is the first empirical paper to study the relationship between Bitcoin energy consumption and its market. Using the variance decompositions in combination with realized semi-variances for daily data, we find a relationship between Bitcoin energy consumption and its returns as well as volumes. Additionally, the directional impact from Bitcoin trading volumes to its energy consumption is higher than returns in the long run. The second Bitcoin crash also induces a higher connectedness of energy usage. Finally, we found the predictive power of energy on Bitcoin returns and volume. It holds true for the opposite predictive direction. Our results draw a challenge to the cryptocurrency ecosystems to sustainably innovate to impede their carbon footprint.

本文是研究比特币能源消耗与其市场之间关系的第一篇实证研究论文。将方差分解与已实现的半方差相结合，得出每日数据，我们发现比特币能耗与其收益以及交易量之间的关系。此外，从长期来看，比特币交易量对其能源消耗的方向性影响要大于回报。第二次比特币崩溃也引发了能源使用的更高连接性。最后，我们发现了能量对比特币收益和交易量的预测能力。对于相反的预测方向也是如此。我们的结果对加密货币生态系统提出挑战，要求其进行可持续创新以阻止其碳足迹。