Impact of bitcoin transaction volume and energy consumption on environmental sustainability : evidence through ARDL model

Abstract

The significant release of carbon dioxide into the atmosphere poses substantial threats to both global ecosystems and human well-being. Among the primary sources of these emissions, the transportation sector emerges as a crucial contributor. There exists a direct and notable link between CO2 emissions and transportation, with this industry being a major emitter of greenhouse gases, and CO2 acting as the primary catalyst for global climate change. Additionally, the swift spread of cryptocurrencies, coupled with increasing dependence on advanced technologies and the quick pace of technological advancements, poses ongoing challenges, especially concerning environmental sustainability and carbon emissions. This research explores the tangible effects of Bitcoin transaction volumes and their energy usage on environmental sustainability. The findings reveal a strong link between CO2 emissions and Bitcoin transactions, showing a complex relationship between public awareness of environmental problems related to Bitcoin transactions. The study confirms that energy use positively influences CO2 emissions both in the short and long term.