Research background: In today’s digital age, traditional environmental, social, and governance (ESG) development paths are gradually facing challenges, including from digital technologies. In particular, the potential roles of artificial intelligence (AI), cloud computing (CC), and blockchain (BC) in the ESG market have not been fully explored. Purpose of the article: This study explores the deep integration of digital technology and ESG by evaluating the correlation and spillover effects among AI, CC, BC, and eight global ESG indices. Methods: This study explores the spillovers between AI, CC, BC, and eight global ESG indices by cross-quantilogram and quantile time-frequency connectedness approaches. Findings & value addition: The lower quantile of ESG returns has a weak positive (strong negative) correlation with the lower (upper) quantile of digital technology. Next, the spillover effects vary with time, frequency, and quantile levels. Meanwhile, the North America and Asia-Pacific developed ESG indices serve as the transmitter and receiver of spillover effects, respectively. Furthermore, the dependence between digital technology and ESG returns is insignificant before the COVID-19 crisis but increases after it. This quantile-dependent asymmetry fundamentally challenges linear assumptions prevalent in current ESG-technology integration theories. Overall, this study contributes by integrating AI, CC, BC, and ESG into a unified framework, and analyzing their interaction mechanisms. Furthermore, it dynamically analyzes the asymmetry over long and short-term horizons, and highlights the hedging role of digital technology in stabilizing ESG markets. Moreover, we provide novel insights about the interconnectedness between these markets, offering valuable guidance on risk management. Consequently, regulators should urgently explore the development of digital asset-based ESG derivatives as targeted risk mitigation tools. Positioned at the cutting-edge, this work sets a methodological benchmark for analyzing non-linear, frequency-sensitive interdependencies within the rapidly evolving ESG-digital nexus, transforming the theoretical framework from static linearities to dynamic non-linearities. Finally, this study proposes some reasonable suggestions, including raising risk awareness, promoting digital transformation, building integration and innovation platforms, and leveraging ESG’s diffusion role.
As the relationship between cryptocurrency mining activities and electricity consumption becomes increasingly close, the risk spillover effect is steadily drawing a lot of attention to the energy and cryptocurrency markets. For the purpose of studying the risk contagion between the cryptocurrency and energy market, this paper constructs a risk contagion network between cryptocurrency and China's energy market using complex network methods. The tail risk spillover effects under various time and frequency domains were captured by the spillover index, which was assessed by the leptokurtic quantile vector autoregression (QVAR) model. Considering the spatial heterogeneity of energy companies, the spatial Durbin model was used to explore the impact mechanism of risk spillovers. The research showed that the framework of this paper more accurately reflects the tail risk spillover effect between China's energy market and cryptocurrency market under various shock scales, with the extreme state experiencing a much higher spillover effect than the normal state. Furthermore, this study found that the tail risk contagion between cryptocurrency and China's energy market exhibits notable dynamic variation and cyclical features, and the long-term risk spillover effect is primarily responsible for the total spillover. At the same time, the study found that the company with the most significant spillover effect does not necessarily have the largest company size, and other factors, such as geographical location and business composition, need to be considered. Moreover, there are spatial spillover effects among listed energy companies, and the connectedness between cryptocurrency and the energy market network generates an obvious impact on risk spillover effects. The research conclusions have an important role in preventing cross-contagion of risks between cryptocurrency and the energy market.
Cui-Ping Wen, Kai‐Hua Wang, Chi‐Wei Su, Xin Li · 5 authors
This study examines the impacts of bitcoin price (BTP), crude oil price (COP), and economic policy uncertainty (EPU) on China’s green bonds (GBs) in a period from 2014: M10 to 2024: M04 using the quantile autoregressive distributed lag model. Results demonstrate that BTP and EPU positively and negatively affect GBs in the long-term across all quartiles, respectively, while COP enhibits insignificance. In the short-term, all variables positively affect GBs and are concentrated in the low quantiles. This study constructs a multivariate framework to explore financial linkages across markets and examines variable interactions, enriching the theoretical framework of the GB market.
Mahsa Bashari, Saleh Ghavidel, Mehdi Fathabadi, Masoud Soufimajidpour
This study examines the environmental impact of cryptocurrency mining, specifically its contribution to CO2 emissions , in nine countries that account for 90% of global mining: the United States, China, Russia, Canada, Germany , Malaysia, Kazakhstan, Ireland, and Iran. Utilizing monthly panel data from 2019 to 2022 across nine countries and applying both pooled and fixed effects econometric techniques, the analysis reveals that ”energy intensity” (the amount of energy used to produce a unit of GDP), as a moderator variable, influences the effect of cryptocurrency mining on CO2 emissions. Specifically, in countries where the annual energy intensity growth rate is greater than − 6 % , cryptocurrency mining tends to result in higher CO 2 emissions. Conversely, in countries with a growth rate of energy intensity below -6%, cryptocurrency mining results in lower CO2 emissions. The findings indicate that all nine countries experience a positive impact on CO2 emissions, albeit to varying degrees. The countries are categorized into three groups based on their performance: underperformers (Russia, the United States, Canada), neutral-effect countries (Iran, Kazakhstan, China), and positive performers (Ireland, Germany, Malaysia). This research underscores the urgent need for sustainable practices in cryptocurrency mining to mitigate its environmental effects.
This study examines the dynamic connectedness between Bitcoin and various financial assets, including the stock market, gold, oil, bonds, and exchange rates, as well as explores portfolio strategies involving these assets. The study covers the period from January 2, 2015, to March 1, 2024. The quantile connectedness approach and portfolio strategies are utilized in the analysis. The findings are as follows: Intermarket volatility spillover significantly increases under extreme conditions. Bitcoin emerges as a transmitter during bullish markets and acts as a receiver in bearish and normal market conditions. Gold serves as a receiver in extreme conditions and a transmitter in normal conditions. Unlike gold, oil acts as a transmitter under extreme conditions and functions as a receiver under normal conditions. Among the fundamental markets, the stock market is the most significant shock transmitter. In risk-mitigating portfolios, the proportion of Bitcoin is low, while the proportions of gold and the dollar index are high. Bitcoin has been found to have low hedging properties. <br />Implications for Central European Audience: Since the emergence of Bitcoin in 2008, the cryptocurrency market has developed rapidly. Bitcoin and cryptocurrencies have come to occupy an important place in financial markets in terms of value and volume. Bitcoin can affect portfolio management in the financial system in terms of diversification, hedging, risk management, portfolio strategies, and linkages between financial assets. This study investigates the linkages, hedging and portfolio strategies between Bitcoin and the stock market, gold, oil, bond and exchange rate markets. The results of the study are important for portfolio managers, risk managers, financial analysts and economic managers.
Sami Mejri, Francisco Jareño, Nasir Khan, Arturo Leccadito
This study examines the impact of geopolitical risk (GPR) on black and green cryptocurrencies during crisis times, focusing on their potential as hedging instruments and safe havens. Using daily data on nine cryptocurrencies (Bitcoin, Ethereum, Binance, Litecoin, Ripple, EOS, IOTA, Stellar and Tezos) and the Geopolitical Risk Index from January 3rd, 2019, to January 20th, 2025, the research employs a Regime-Switching Global Vector Autoregressive (RSGVARX) model and a quantile-on-quantile (QQ) approach to capture heterogeneous responses across market states and quantiles. In addition, the Dynamic Conditional Correlation (DCC) GARCH copula and Dynamic Gerber Correlation (DGC) models assess the hedging effectiveness and optimal portfolio weights of various cryptocurrency pairs. The study uniquely combines the RSGVARX and QQ methods to provide a comprehensive understanding of the dynamic interactions between GPR and cryptocurrency returns and introduces robust portfolio optimisation analysis using advanced econometric models. The results show that the impact of GPR on black cryptocurrencies is generally negative and statistically insignificant in Regime 1, with mixed effects in Regime 2, while green cryptocurrencies show similar heterogeneous responses. Several cryptocurrencies show resilience to GPR shocks in certain scenarios, highlighting their potential as reliable assets in times of geopolitical instability. The portfolio optimisation analysis identifies Bitcoin paired with Ethereum, Binance and Litecoin as the most effective combination for hedging throughout the sample period and during the stressful Russia-Ukraine war and Israeli-Palestinian conflict. These results suggest that investors should consider market states and transition probabilities when developing portfolio strategies involving cryptocurrencies, providing valuable insights for managing risk and ensuring financial stability during geopolitical crises.
The aim of this study is to reveal the dynamics between climate policy uncertainty (CPU) and S&P Global Carbon Credit Index (CARBON), S&P Cryptocurrency DeFi Index (DeFi), and WilderHill New Energy Global Innovation Index (NEX) using data from December 2017 to March 2024 in the US. Fourier Bootstrap ARDL, Fourier Bootstrap quantile causality, and KRLS methods are used in the study. The findings reveal that there is a negative relationship between the CARBON and the CPU index in the long term. Although the DeFi does not have a statistically significant effect in the long term, it reveals that it has a negative effect on the CPU index in the short term. In contrast, the NEX has a positive relationship with the CPU index in both the short and long term. Moreover, there is a U-shaped non-linear relationship between the NEX and the CPU index, which weakens in moderate climate uncertainties and strengthens again in high uncertainty. Considering the causality results, there exists a causality from CARBON to CPU in the 2nd, 3rd, and 4th quantiles, and from CPU to CARBON in the 2nd and 3rd quantiles. Additionally, there is a causality from DeFi to CPU in the 8th quantile and from CPU to DeFi in the 1st quantile. Finally, there is a causal relationship from NEX to CPU in the 2nd, 3rd, 4th, and 5th quantiles and from CPU to NEX in the 9th quantile.
ABSTRACT This research examined the connection between Bitcoin, the prominent and extensively mined cryptocurrency, and CO 2 emissions using the SVAR model. Azerbaijan, Kazakhstan, and Russia, the three main countries in the Caspian Basin that are the centre of cryptocurrency mining, were examined in terms of their primary industries. The variance decomposition analysis indicated that the Bitcoin price had the most significant explanatory role in CO 2 emissions released by Oil and Natural Gas industry in Azerbaijan. When it comes to the CO 2 emissions that were emitted by the Petroleum Refining‐Manufacture of Solid Fuels and Other Energy industry, as well as Manufacturing Industries and Construction, the Bitcoin price had the most important effect in Kazakhstan. There was a significant contribution made by Bitcoin to the CO 2 emissions that were emitted by the Manufacturing Industries and Construction in Russia. The impulse response functions illustrated a strong association between Bitcoin and CO 2 emissions. However, in contrast to existing research, this relationship was found to be negative. The increase in energy usage during Bitcoin price falls can be attributed to the need to compensate for losses, particularly in the mining process. To diminish this connection, the dependence of the cryptocurrency on fossil fuels must be minimised.
Blockchain technology (BT) is increasingly recognized as a transformative digital infrastructure for advancing environmental, economic, and social sustainability. However, academic research on its sustainability potential remains fragmented, with limited integration of theoretical models, sector-specific applications, and system-level impacts. This study addresses these gaps by conducting a systematic literature review of 131 peer-reviewed articles published between 2015 and early 2025, guided by the PRISMA 2020 framework. The analysis is structured around the three pillars of sustainability, exploring the mechanisms through which blockchain enables transparent governance, ethical consumption, resilient infrastructure, and inclusive development. Anchored in Institutional and Stakeholder theories, the review develops an integrative dual-framework that overlays four technical components of BT (data, network, consensus, and application) onto institutional pressures and stakeholder-engagement dynamics. The framework shows how BT enhances resource efficiency, supply-chain traceability, and social inclusion across sectors such as renewable energy, agriculture, healthcare, education, and logistics. The study makes two principal contributions. First, it unifies previously dispersed findings into a holistic model that links BT’s technical capabilities with organizational and societal conditions. Second, it provides actionable guidance: policymakers should harmonize cross-border standards and incentivize energy-efficient consensus protocols, while managers should co-design stakeholder-inclusive pilots to scale sustainable BT solutions. Collectively, these insights map a research and practice agenda for leveraging blockchain to accelerate progress toward the Sustainable Development Goals.
Juan D. Saldarriaga-Loaiza, Johnatan M. Rodríguez‐Serna, Jesús M. López‐Lezama, Nicolás Muñóz-Galeano · 5 authors
The integration of non-conventional renewable energy sources (NCRES) plays a critical role in achieving sustainable and decentralized power systems. However, accurately assessing the economic feasibility of NCRES projects requires methodologies that account for policy-driven incentives and financing mechanisms. To support the shift towards NCRES, evaluating their financial viability while considering public policies and funding options is important. This study presents an improved version of the Levelized Cost of Electricity (LCOE) that includes government incentives such as tax credits, accelerated depreciation, and green bonds. We apply a flexible investment model that helps to find the most cost-effective financing strategies for different renewable technologies. To do this, we use three optimization techniques to identify solutions that lower electricity generation costs: Teaching Learning, Harmony Search, and the Shuffled Frog Leaping Algorithm. The model is tested in a case study in Colombia covering battery storage, large- and small-scale solar power, and wind energy. Results show that combining smart financing with policy support can significantly lower electricity costs, especially for technologies with high upfront investments. We also explore how changes in interest rates affect the results. This framework can help policymakers and investors design more affordable and financially sound renewable energy projects.
This study examines whether cryptocurrency markets offer more resilient safe haven properties than gold for stock markets in the BRICS economies from 28th April 2013 to 27th September 2024. Unlike traditional studies that primarily focus on Bitcoin or top-market cap cryptocurrencies , we introduce a novel Crypto index that includes 9468 active and defunct cryptocurrencies, providing a comprehensive view of daily market fluctuations across all listed crypto assets. We also investigate the impact of the Russia-Ukraine military conflict on the safe haven status of these assets. Using a time-varying robust Granger causality framework, we analyse the dynamic relationships between potential safe haven assets and BRICS stocks. Additionally, we explore the network structure of gold, cryptocurrencies, and BRICS stocks across different quantiles . Our results show limited evidence of time-invariant causality, but strong evidence of time-varying causality, suggesting that neither gold nor cryptocurrencies act as safe havens for BRICS stocks over the entire sample period. We find increased market interconnectedness during extreme conditions, with gold and cryptocurrencies initially acting as net receivers of shocks, but gold shifting to a net transmitter during the conflict, indicating stronger safe haven properties for gold. Portfolios favour gold over crypto, and small-cap cryptocurrencies are cheaper but less efficient hedges compared to large-cap cryptos, with Bitcoin emerging as the optimal investment for returns. These findings offer valuable insights for investors and policymakers, particularly for optimizing portfolio management and supporting financial stability during market turbulence.
The rise of social media sites has far-reaching effects on numerous areas in our life, including money decision-making. In the context of cryptocurrency, a novel alternative asset class for investment the roles of social media have taken on more and more powerful roles in determining investors' behaviors, market structure, and even eco-consciousness. This paper aims to explore the intricate relationship between social media engagement and cryptocurrency investment trends, with a special emphasis on environmental considerations and market volatility. In this paper, we use wavelet comovement and coherence analysis to explore the multifaceted relationship between social media, environmental awareness, and cryptocurrency investment dynamics. Empirical results show a positive relationship between the Cryptocurrency Environmental Attention index-based social media which highlights the significant influence on investor attitudes. The interactions between the Index of Cryptocurrency Environmental Attention, cryptocurrency uncertainty, financial market, and gold demonstrate complex relationships shaped by market volatility, investor behavior, and social pressures. The quick investor responses to environmental concerns and regulatory changes highlight the short-term negative relationship, while the positive influence of social media underscores the significant impact of social awareness on investment decisions and corporate practices. This underscores the importance of integrating environmental criteria into financial strategies to meet evolving investor expectations and societal demands.
Pooja Kumari, Amit Shankar, Rsha Alghafes, Laura Broccardo · 5 authors
ABSTRACT This study examined how Bitcoin, energy prices, and geopolitical risk interact by examining the first four moments (mean, variance, skewness, and kurtosis) of their return distributions by using wavelet analysis. The findings reveal that the co‐movement patterns of energy index, geopolitical risk index, and Bitcoin prices are time and frequency sensitive. During the turbulent period of 2020–2024, significant cross effect was observed at medium‐ and long‐term time scales in the relationship between the energy index and the geopolitical risk index. Similarly, in the case of Bitcoin and the geopolitical risk index, significant cross‐effects were detected at medium‐ and short‐term time scales. From 2021 onwards, a strong coherence is observed at high and medium frequencies for all four moment pairs among Bitcoin, energy prices, and geopolitical risk. In terms of the Bitcoin‐energy relationship, significant co‐movement in mean and volatility is noted throughout most of the sample period and across different frequency bands. Moreover, cross‐skewness and cross‐kurtosis connections are more prominent at short‐ and medium‐term horizons, especially during covid pandemic. These insights are valuable for investors and policymakers in risk management.
Iulia Cristina Iuga, Raluca Andreea Nerişanu, Larisa-Loredana Dragolea
This study investigates the risk spillover between clean and dirty cryptocurrencies and their impact on green finance indexes (solar, wind, and nuclear energy) and regional economic indexes (Baltic Dry Index and CRB Index), with data processed using the diagonal BEKK model. The results identify several dirty cryptocurrencies such as: Ethereum Cash (ETC), Litecoin (LTC), and Bitcoin (BIT) as potential diversifiers and hedges with specific green energy and economic indexes. Our findings show that news from the cryptocurrency markets predominantly have a positive, significant effect on the covariance with green finance indices. The study also presents the covolatility spillover effect, showcasing the impact of a return shock in one market, such as the cryptocurrency market or the green finance market, on the co-volatility between markets, including regional economic indices like the Baltic Dry Index and CRB Index. The analysis reveals differential spillover patterns between clean and dirty cryptocurrencies and various green finance indices, highlighting the complexity of their interactions and the varying degrees of influence on regional economic indicators.
Climate change is the most pressing global problem, which warrants technological innovation in accurate monitoring and efficient market-based solutions. In this paper, we propose a framework to combine staking with artificial intelligence and blockchain to provide a transparent, secure, and efficient way of monitoring a variety of carbon credits related to carbon footprint. This uses machine learning algorithms to combine satellite imagery, IoT (wearable) data, and immutable blockchain ledgers to create tamper-proof environmental monitoring systems. It suggests brilliant contract architecture that can generate carbon credits through AI to validate the process, federated learning applications to track cross-border emission activity, and neural networks to validate carbon sequestration projects. Using these systems, we achieved orders of magnitude improvement in verification accuracy, transaction transparency, and market efficiency over traditional systems. By employing this integrated approach, some of the most pressing carbon market dilemmas, including narrowing carbon market data integrity issues, delays in verification, and deficits of trust among carbon market participants, can be resolved, and it is a strong foundation for climate action globally.
This study investigates the impact of financial, trade, and economic openness on energy consumption, focusing on renewable, nonrenewable, and fossil energy sources in Belt and Road Initiative (BRI) nations. The BRI framework, introduced by China in 2013, emphasizes economic collaboration and infrastructure development, including renewable energy projects. As participating nations navigate energy transitions to address climate change and achieve sustainable development, understanding the role of openness is crucial. Motivated by the dual challenges of energy security and environmental sustainability, this study explores how openness influences energy consumption patterns and identifies pathways for policy intervention. Using data from 2004 to 2020, the study employs advanced econometric techniques, including Cross-Sectionally Augmented Autoregressive Distributed Lag (CS-ARDL) and Nonlinear ARDL models, to examine short- and long-term relationships. Control variables such as urbanization, financial development, and education are integrated to provide a comprehensive understanding of the dynamics. The analysis reveals that financial openness positively impacts energy consumption across all types, with a significant contribution to renewable energy in the long term. Trade openness facilitates technology transfer and renewable energy adoption, while economic openness through foreign direct investment (FDI) supports clean energy projects but also sustains fossil fuel reliance in some contexts. Urbanization drives nonrenewable energy demand but offers opportunities for renewable integration contingent on governance quality. Education enhances renewable energy consumption by fostering a skilled workforce and knowledge development. The findings suggest key policy implications. First, financial openness should be directed toward green finance and renewable energy investments. Second, trade policies must focus on reducing barriers to renewable technology imports and fostering global collaborations. Third, economic openness should prioritize sustainable FDI in clean energy sectors. Fourth, urban planning must incorporate decentralized energy systems and green technologies. Finally, investing in education and institutional reforms is essential to drive innovation and ensure effective governance. This study contributes to the discourse on energy transitions in BRI nations, emphasizing the critical role of openness and offering actionable policies to balance economic growth with sustainability.
ABSTRACT Assuring environmental sustainability is essential for the continuity of the ecosystem. Every sector of the economy has some degree of impact on environmental sustainability. The United Nations (UN)’ Sustainable Development Goals (SDGs) have placed these objectives within a broader global framework, offering a global plan aimed at ensuring environmental sustainability. This study assesses the role of cryptocurrency mining on environmental sustainability, incorporating monthly data for the period from 2015 to 2023. In this context, the impact of the electrical energy consumed in Bitcoin mining, which has the largest transaction volume among cryptocurrencies, and the climate policy uncertainty on Bitcoin greenhouse gas (GHG) emissions are examined by applying dynamic stimulated autoregressive distributed lag (DARDL) and kernel‐based regularized least squares (KRLS) methods. The results of the empirical analysis indicate that the increase in Bitcoin electricity consumption and climate policy uncertainty have a significant negative impact on Bitcoin GHG emissions. Put another way, cryptocurrency mined using fossil fuels and climate policy uncertainty poses a considerable threat to environmental sustainability. These findings are crucial for policy makers and all stakeholders who want to achieve environmental sustainability goals to develop proactive proposals. It is also highlighted that Bitcoin mining should bring environmental regulations that can mitigate environmental degradation.
This bibliometric study explores the evolution of green finance research from 2000 to 2024, employing a comprehensive dataset derived from Scopus. It analyzes the development of themes, the geographic distribution of research, and the dynamics of academic collaboration within the field. Our findings indicate a significant growth in literature, with a pronounced focus on sustainable investments, green bonds, and the integration of environmental concerns into banking practices. The study highlights the role of technological innovation and decentralized finance in advancing the field, reflecting a shift towards more efficient and transparent financial processes. Geographical analysis reveals a strong contribution from countries like China, India, and the United States, with extensive international collaborations across continents. The research landscape is characterized by a diverse array of contributions that address both the economic and environmental aspects of green finance. This study provides valuable insights into the intellectual structure of green finance and suggests areas for future research, including the need for more interdisciplinary approaches and empirical studies to assess the effectiveness of green finance mechanisms.
This study investigates the causal relationships between Bitcoin and the US Dollar (USD), Gold, and BIST100 Index as alternative investment instruments. Employing Hong’s variance causality test, the research explores spillover effects in mean and volatility. Using daily data from September 17, 2014, to October 13, 2023, the study reveals a one-way average causality from Bitcoin to BIST100 and the USD. Variance test results show a two-way volatility spillover between Bitcoin and USD, Gold, and BIST100. Hacker-Hatemi-J symmetric causality test detects a one-way causality from Bitcoin to the USD, while Hatemi-J asymmetric test reveals a unidirectional causality from positive Bitcoin shocks to negative shocks of BIST100 and Gold, and bidirectional causality with USD's negative shocks. Additionally, a bidirectional causality exists from Bitcoin's negative shocks to Gold's positive shocks and a unidirectional causality to USD's negative shocks. Recognizing Bitcoin as a financial asset sheds light on its interaction with traditional markets, aiding investors in refining strategies. In summary, this study enhances comprehension of cryptocurrency's role by emphasizing the causal link between Bitcoin and the USD.
Özlem Sayılır, Ahmet Özkul, Mehmet Balcılar, Ronald Kuntze
Using blockchain adoption (BCA) data for 81 leading public companies in 2021, this study examines the impact of blockchain adoption on organizations’ environmental, sustainability, and governance performance. Employing the 2022 ESG scores from LSEG (Refinitiv) Database, which assess corporate sustainability performance across environmental, social, and governance dimensions, we regress ESG scores against blockchain adoption levels, company size, and various financial performance metrics. The results from the regression analysis reveal that blockchain adoption is significantly and positively associated with two sub-dimensions of environmental sustainability performance: resource usage and emissions. Additionally, firms exhibiting higher profitability and greater financial leverage appear to more effectively control blockchain adoption to enhance their corporate sustainability performance. These findings support the notion that blockchain adoption offers eco-efficient solutions that contribute to improved corporate sustainability performance, particularly through improved resource management and emissions control, while also offering actionable recommendations for policymakers and industry leaders.
• Blockchain can be used to create token-based inducement systems. • The integration of blockchain supports distributed energy systems and P2P in green energy trading. • Blockchain technology allows transparent and immutable recording of green energy transactions. • Blockchain facilitates automated and efficient trading of renewable energy. • Key trends and influential papers in the field are identified using bibliometric analysis. Blockchain is evolving as a crucial technology in protecting the future outlook of energy systems and global economic competition. As a result of the huge rise in industrial pollution, it has gained extensive consideration from economic establishments, green energy supply organizations, tech designers, governments, and researchers. Stakeholders from various fields identify the potential of blockchain integration with green energy as a tool to transform different activities in the sector, such as reducing the grid's major carbon emissions, freeing cyber theft and generating novelty. Moreover, blockchain system is tamper-proof, transparent, and has the prospect of addressing novel business solutions, mostly when integrated with smart contracts. In this study, 510 documents from 2017 to 2024 were selected and visualized using CiteSpace software and bibliometric approaches to analyze the research field's growth base, hotspot areas, country and their policy implementations, collaborative groups, and evolutionary trends of blockchain base within energy networks. It investigates the existing literature to acknowledge the progress made in the field. The key findings show that basic research on blockchain technology in the energy sector is fast growing with time, showing that integrating blockchain and green energy is an emerging research field. Out of 742 countries and regions, China leads with 89 publications, recording 24.7%, followed by India with 78 publications, accounting for 21.7%, and the United States with 76 publications, accounting for 21.1%. Among them, China's collaborations rely mainly on renewable energy management. Moreover, the practical application cases corresponding to research hotspots are mostly located in developed countries, especially in the United States, the European Union, and Australia. The research gaps in blockchain-based green energy applications are noticed in green certificate trading, micro-grid energy market, technology and policy, energy management, as well as potential trends in energy internet, energy systems, and green power trading. The findings of this paper will assist researchers in gaining a vast knowledge of the present research in the area of blockchain and green energy and identify future research trends in the field. Hence, this will boost the knowledge of energy expansion among energy trading experts, seize possible opportunities, and offer beneficial insights for the government to introduce blockchain advancement and green energy trading policies.
Lingli Qing, Ibrahim Alnafrah, Abd Alwahed Dagestani
The energy-intensive nature of cryptocurrency mining, largely reliant on fossil fuels in its early development, has raised growing environmental concern. Consequently, the Index of Cryptocurrency Environmental Attention (ICEA) has emerged, gauging public attention towards this issue. This study investigates the complex interplay between ICEA, cryptocurrency price and policy volatilities, green energy investments, and dirty energy prices. Utilizing a dataset spanning from January 2015 to June 2023, we employ a multifaceted approach encompassing cross-quantilogram, time-varying parameter vector autoregression (TVP-VAR), and wavelet coherence techniques to uncover the dynamic interconnectedness of these three markets. Our findings challenge a simplistic narrative that anticipates a direct link between ICEA and immediate reductions in electricity consumption within the cryptocurrency mining sector. Instead, we discern a nuanced picture wherein ICEA drives significant structural transformations, influencing investments in clean energy markets. Our analysis suggests that ICEA stimulates green energy investments, encouraging miners to explore alternative energy sources with lower environmental impacts . This transition paves the way for more sustainable investments , with green energy sources like renewables playing an increasingly prominent role in powering the cryptocurrency industry .
This study investigates the return propagation dynamics between cryptocurrencies and Emerging market sectoral indices (EMSI), focusing on portfolio impact from Bitcoin, Ethereum, and two gold-backed cryptocurrencies (PAXG and X8X). Using data from 2019 to 2024, we apply a novel DCC-GARCH-based R 2 decomposed connectedness approach to analyse return connectedness among these high-risk assets. We also utilize innovative concepts such as minimum dynamic pairwise connectedness and minimum R 2 decomposed connectedness portfolios in our multivariate hedging portfolios. Our findings reveal that total connectedness is time-variant and influenced by economic events. Bitcoin and Ethereum are identified as net transmitters of shocks, while other assets, particularly gold-backed cryptocurrencies, serve as net shock receivers with minimal impact. Moreover, few EMSIs (financials, industrials, and materials sectors) show significant connectedness in the system. Although our suggested portfolio analysis offers improved returns, none consistently outperform the market. This research offers valuable insights for investors and policymakers regarding the interconnectedness and risk management of cryptocurrencies and EMSI.
Magdalena Rãdulescu, Kamel Si Mohammed, Abdelmohsen A. Nassani, Nicoleta Dascalu
This study investigates the impact of Bitcoin's energy and water consumption on environmental sustainability, focusing on the load capacity factor (LCF) and the roles of energy transition green technology in major cryptocurrency-producing nations. Utilizing the method of moments quantile regression (MMQR) approach, the findings reveal a negative impact of mining energy consumption on environmental sustainability, particularly in the lower quantiles, with a stronger negative effect in the higher quantiles. Energy transition plays a critical role in moderating this impact, though the shift towards cleaner energy sources has not been sufficient to mitigate the adverse environmental effects. The water footprint has limited influence on LCF across upper and lower quantiles. Moreover, the results do not support the LCF hypothesis. An increase in mining activity leads to a rise in LCF, while this effect turns negative in the 90th quantile. These findings underscore the importance of energy transition in reducing Bitcoin's environmental footprint and emphasize the need for policymakers to swiftly enact regulations and foster innovative technologies to promote environmentally sustainable digital currencies while providing valuable insights into water resource management.