This study investigates the effect of Bitcoin mining reward halvings on price fluctuations and enhances prediction models by incorporating a novel factor termed "halving impact weight". This weight quantifies the delayed influence of halving events on Bitcoin prices with an exponentially decaying model. Incorporating this factor significantly enhances forecast accuracy: Root Mean Square Error (RMSE) and Mean Absolute Error (MAE) decrease by 12.05% and 12.49%, respectively. Our findings demonstrate the critical importance of accounting for mining reward halvings in predictive models of Bitcoin prices.
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.
Ămit Cali, Annabelle Lee, Barry Hayes, ClĂĄudio Lima ¡ 23 authors
The global energy sector is undergoing a significant transformation driven by decarbonization and digitalization , leading to the emergence of Distributed Ledger Technology (DLT) â particularly blockchain â as a promising tool for enhancing transparency, security, and efficiency in modern power systems . This study aims to provide a comprehensive academic and industrial survey of blockchain applications in the energy sector and develop a robust decision-making framework to identify and prioritize the most promising real-world use cases based on multidisciplinary criteria. A three-stage methodology was adopted: (i) a literature and market review encompassing over 300 academic publications and commercial blockchain initiatives in energy, (ii) an in-depth evaluation of the evolution and viability of blockchain initiatives in energy with the help of expert surveys, and (iii) a novel decision-making model using a q-rung orthopair fuzzy Multi-Attributive Border Approximation (q-ROF-MABAC) method under the Einstein operator. The results were compared with existing decision models to validate consistency and robustness. Nine key blockchain use case categories were identified and ranked based on technical, economic, and governance dimensions. The results demonstrated that integrating expert insights into a fuzzy logic framework helps filter out overhyped claims in the literature and prioritize realistic and high-impact applications such as green certificates, grid services , and peer-to-peer energy trading . The modelâs rankings remained stable across varying weight configurations, confirming the robustness of the methodology. This study provides an evidence-based decision-support tool for researchers, industry stakeholders, and policymakers to better understand, evaluate, and adopt blockchain technologies in the energy sector.
The energy sector underwent a significant transformation with increasing demand for efficiency, transparency, and sustainability. The traditional or conventional system often faces several challenges, such as inefficient energy trading, a lack of transparency in renewable energy generation verification, and complex regulatory guidelines that affect its widespread adoption. Thus, blockchain technology has emerged as a potential solution to overcome these challenges, as it is known for its transparent, secure, and decentralized nature. However, despite the promising application of blockchain, its integration into the energy supply chain (ESC) is underexplored. The purpose of this research is to analyze the potential applications of blockchain technology in ESC in order to enhance efficiency, transparency, and sustainability in energy systems. The aim is to investigate the integration of blockchain with emerging technologies (such as IoTs, smart contracts, and P2P energy trading) in order to optimize energy production, distribution, and consumption. Furthermore, by comparing different blockchain platforms (like Ethereum, Solana, Hedera, and Hyperledger Fabric), this study discusses the security and scalability challenges of using blockchain in energy systems. It also examines the practical use cases of blockchain for the tokenization of RECs, dynamic energy pricing, and P2P energy trading by providing the Energy Web Foundation and Power Ledger as real-world examples. The article concludes that blockchain technology has the potential to transform ESC by enabling decentralized energy trading, which subsequently enhances transparency in energy transactions and the verification of renewable energy generation. It also identifies smart contracts and tokenization of energy assets as key parameters for dynamic pricing models and efficient trading mechanisms. However, regulatory and scalability challenges remain significant obstacles to its widespread adoption. Finally, this study provides the basis for future advancement in the adoption of blockchain technology in ESC, which offers a valuable resource for industry professionals, regulating authorities, and researchers.
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 RefiningâManufacture 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.
This paper suggests a blockchain-enabled e-trade platform for renewable energy for encouraging sustainability, equity, and efficiency in the energy market. The platform makes use of smart contracts and distributed ledger technology to ensure transparent, decentralized, and automated transactions. It incorporates IoT devices to support real-time energy measurement, saving administrative costs and improving accessibility. The study is carried out with specific focus on Qatar and Turkey to assess the viability of the platform, reviewing regulatory, scalability, and infrastructure issues. Furthermore, it estimates economic and technical viability under varying green finance mechanisms based on considerations such as carbon credits, incentives to energy trade, and monetary measures such as Net Present Value, Internal Rate of Return, Payback Period, and Levelized Cost of Energy.
Blockchain technology has emerged as a transformative tool for various industries, offering transparency, security, and efficiency. However, the energy-intensive proof-of-work (PoW) consensus mechanism, widely used in traditional blockchain networks, has raised significant concerns regarding its environmental impact. This chapter explores energy-efficient alternatives to PoW, including proof-of-stake (PoS), delegated proof-of-stake (DPoS), proof-of-activity (PoA), and proof-of-capacity (PoC). Each mechanism is evaluated for its potential to reduce energy consumption while maintaining network security and scalability. Case studies illustrate their application across industries, such as IoT, supply chains, and finance, highlighting their practical benefits and reassuring the audience about their potential. This comprehensive evaluation underscores the critical need for innovative solutions to reconcile blockchain's technological advancements with pressing environmental challenges.
Chinaâs reliance on fossil fuels significantly hinders its transition to a low-carbon deconomy, requiring comprehensive carbon reduction strategies. In response, Green Finance Reform and Innovation Pilot Zones (GFRIPZ) policy was introduced in 2017 to promote green development through supply-side financial reforms and innovations. This study examines the impact of GFRIPZ on urban carbon unlocking (UCU) using a difference-in-differences (DID) model with panel data of 272 Chinese cities. Heterogeneous effects, mechanisms and the moderating effects of fiscal decentralization and digital finance are further explored. The results show that (1) GFRIPZ significantly promotes UCU; (2) The effect is stronger in Guangdong and Zhejiang pilot zones, as well as in eastern, larger, more open, non-resource-based and non-old industrial cities; (3) The policy enhances UCU through green technology innovation, government strategic leading, and social green habit; (4) Fiscal decentralization and digital finance positively moderate the impact of GFRIPZ on UCU independently and jointly. These results highlight the role of GFRIPZ in accelerating UCU and provide insights for sustainable urban development.
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.
Saad Alateef, Amjad Aldweesh, Ahmad AlâQerem, Mohammad Alauthman ¡ 5 authors
Blockchain technology has emerged as a disruptive force across various industries, promising decentralization, transparency, and enhanced efficiency. In the energy sector, blockchain holds the potential to transform traditional financing and investment models by lowering transaction costs, democratizing access to capital, and streamlining project management. This chapter explores how blockchain-based solutions revolutionize energy financing and investment, particularly focusing on peer-to-peer marketplaces, tokenization, crowdfunding, and smart contracts. Through real-world case studies and academic analysis, we illuminate the path toward more sustainable and inclusive energy markets.
Bama Raja Segaran, Siti Nurulain Mohd Rum, Mohd Izuan Hafez Ninggal, Teh Noranis Mohd Aris
Abstract The rapid growth of carbon credit markets, driven by global efforts to mitigate climate change, highlights the critical need for transparency and accountabilityâparticularly in forest-based carbon offset projects. Forest ecosystems play a vital role in carbon sequestration; however, these projects are increasingly vulnerable to greenwashing, where organizations exaggerate or misrepresent their environmental impact to appear more sustainable than they are. This literature review explores the integration of blockchain technology and machine learning (ML) to enhance verification processes and reduce fraudulent practices in forest carbon credits. Blockchainâs decentralized, immutable ledger offers a transparent and tamper-proof system for recording carbon credit transactions, ensuring traceability and reducing the risk of manipulation. Smart contracts embedded within blockchain networks can automate verification and compliance processes, enhancing efficiency while minimizing the need for human oversight. However, while blockchain ensures transparency, it lacks real-time anomaly detection capabilities. ML algorithms, particularly supervised models such as Random Forest, XGBoost, and Neural Networks, are well-suited for detecting fraudulent patterns and verifying the authenticity of forest carbon credit transactions. These algorithms can process large datasets, including satellite imagery and corporate disclosures, to identify discrepancies and improve the accuracy of carbon sequestration claims. This review also examines key performance metrics such as accuracy, precision, recall, and processing time to evaluate the efficiency of various ML algorithms for real-time fraud detection. The findings suggest that integrating ML and blockchain technologies, combined with satellite data, can significantly strengthen transparency and verification in forest carbon credit markets. By enhancing verification mechanisms, this interdisciplinary approach helps mitigate greenwashing and fosters a more credible and transparent carbon credit market. It supports global sustainability efforts by ensuring that carbon sequestration claims from forest-based projects are both accurate and verifiable.
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)â 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 kernelâbased 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.
Noman Raza Sial, Muhammad Abdul Qyyum, Apoorv Lal, Fengqi You
Bitcoin, the pioneering decentralized currency, has transformed global finance. However, its expanding network drives greenhouse gas emissions, water use, and land consumption, posing sustainability challenges. This study introduces a novel methodological framework to assess these impacts across participating nations, integrating the ReCiPE 2016 midpoint (H) method for life cycle impact assessment of offsite environmental footprints and mathematical modeling for onsite environmental footprints, using open LCA and the Ecoinvent v3.10 database in a cradle-to-gate approach. The findings reveal that the United States, China, and Kazakhstan, responsible for 65% of global Bitcoin mining, are the largest contributors to its environmental impact. The United States records a water footprint of 419 million cubic meters under high computational load, enough to meet the annual water needs of Antigua and Barbuda, Barbados, and Bhutan. China leads with a 900 km 2 land footprint, while Kazakhstan emits over 25 MtCO 2 e greenhouse gas emissions, driven by coal reliance. These findings offer policymakers region-specific insights to balance Bitcoinâs economic benefits with its environmental costs, emphasizing the need for technological advancements and sustainable energy shifts. The study also calls for future research into pinpointing the Bitcoin minersâ locations and the true computational mix of the global Bitcoin network.
This research presents an innovative blockchain-based solution for the charging and energy trading of electric vehicles (EVs). By combining the strengths of two prominent consensus mechanisms, Proof of Work (PoW) and Proof of Stake (PoS), the proposed system balances security, decentralization, and energy efficiency. PoW secures the blockchain, while PoS enhances energy efficiency and scalability, key factors in meeting the growing demand for EV infrastructure. The systemâs decentralized nature allows for EV owners, charging stations, and stakeholders to interact and transact transparently, without relying on centralized entities. The research conducts a comprehensive simulation to assess the performance of the proposed hybrid blockchain model, demonstrating significant improvements in cost-effectiveness, scalability, and energy management. Additionally, dynamic pricing mechanisms within the blockchain enable real-time energy trading, optimizing charging times and balancing grid demand efficiently. Through the use of smart contracts, automated pricing adjustments, and incentive-driven user behaviors, the proposed system paves the way for more sustainable, cost-effective, and efficient energy solutions in the future.
Energy poverty remains a pressing challenge in low-income regions, particularly in sub-Saharan Africa, South Asia, and Latin America, where over 733 million people lack access to electricity. Centralized grid expansion has failed to bridge this gap due to high infrastructure costs, technical inefficiencies, and vulnerability to climate-induced disruptions. Decentralized renewable energy (DRE) systems, including solar mini-grids, wind microgrids, biomass energy, and micro-hydro solutions, present a cost-effective, climate-resilient, and scalable alternative that leverages locally available resources. However, DRE adoption is hindered by financial constraints, weak regulatory frameworks, and fragmented policy implementation. This study employs a scoping review and comparative case study approach to assess the effectiveness of DRE solutions in expanding energy access, enhancing climate resilience, and fostering economic development in low-income regions. Case studies from Kenyaâs solar-wind hybrid mini-grids, Rwandaâs pay-as-you-go (PAYG) solar expansion, Ethiopiaâs biomass and biogas systems, Nigeriaâs off-grid solar initiatives, and South Africaâs community-led wind energy projects reveal that DRE systems significantly reduce reliance on fossil fuels, improve local economic stability, and mitigate the impact of climate variability. However, key gaps persist in long-term resilience assessments, cross-sector policy harmonization, and the comparative viability of different DRE technologies. The study underscores the need for integrated policy frameworks, innovative financing mechanisms such as green bonds and PAYG solar, and governance models that facilitate equitable energy transitions. Scaling DRE is critical for achieving sustainable development, climate adaptation, and energy equity in low-income regions.
⢠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.
Magdalena RĂŁdulescu, 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.
As consumer demand for eco-friendly products continues to grow, manufacturers are increasingly driven to enhance product greenness and disclose this information. Blockchain technology emerges as a pivotal enabler, facilitating credible communication of manufacturersâ sustainability efforts to consumers through retail platforms and influencing supply chain decisions concerning sustainability, pricing , and blockchain adoption. While existing research has extensively examined the positive moderating effect of blockchain technology on consumersâ perceived value of product greenness in retail competition or green supply chain contexts, there remains a significant gap regarding its cross-channel influence in situations of information disclosure asymmetry across retail platforms. To address this gap, we investigate the interactive dynamics of a green supply chain under asymmetric platform competition, where the incumbent platform offers blockchain services while the new platform does not. Our findings indicate that the manufacturerâs decision to adopt blockchain depends significantly on market conditions. Notably, the manufacturerâs inclination towards blockchain adoption widens for a broader range of blockchain costs when the cross-channel influence is pronounced. Moreover, the alignment of the manufacturerâs blockchain adoption strategy with the incumbent platformâs preference is not guaranteed. In scenarios where their interests diverge, joint efforts to reduce blockchain costs can be a viable strategy. Our parametric analysis further reveals that while the cross-channel influence contributes positively to enhancing product greenness and the manufacturerâs profit, it could diminish the profits of both platforms under certain conditions.
This study explores the feasibility of Bitcoin as a legal currency and a store of value in comparison to traditional fiat currencies. Through a comprehensive literature review and discussion, the study examines Bitcoinâs core characteristics such as circulation limitations, scarcity, price stability, intrinsic value, and associated security risks. The analysis highlights key challenges, including Bitcoinâs limited acceptance in global commerce, high volatility, and the potential risks posed by its decentralized nature. While Bitcoinâs scarcity and technological innovation position it as a unique asset, its viability as a mainstream currency remains uncertain due to its lack of regulatory support and price stability. The paper concludes that although Bitcoin holds promise as a digital asset, it faces significant obstacles in replacing fiat currencies as a stable medium of exchange or a reliable store of value. Recommendations are provided for governments and institutions on regulatory approaches and the integration of cryptocurrencies into the existing financial system.