Malik, Ayesha Rasool; Aslam, Faheem; Fe ei a, Paulo
A icle
Bi coin’s mul i ac al in luence: deciphe ing he
ela ionship wi h con en ional and enewable ene gy
ma ke s
Cogen Economics & Finance
P o ided in Coope a ion wi h:
Taylo & F ancis G oup
Sugges ed Ci a ion: Malik, Ayesha Rasool; Aslam, Faheem; Fe ei a, Paulo (2024) : Bi coin’s
mul i ac al in luence: deciphe ing he ela ionship wi h con en ional and enewable ene gy
ma ke s, Cogen Economics & Finance, ISSN 2332-2039, Taylo & F ancis, Abingdon, Vol. 12, Iss. 1,
pp. 1-25,
h ps://doi.o g/10.1080/23322039.2024.2395413
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Bi coin’s mul i ac al influence: deciphe ing he
ela ionship wi h con en ional and enewable
ene gy ma ke s
Ayesha Rasool Malik, Faheem Aslam & Paulo Fe ei a
To ci e his a icle: Ayesha Rasool Malik, Faheem Aslam & Paulo Fe ei a (2024) Bi coin’s
mul i ac al influence: deciphe ing he ela ionship wi h con en ional and enewable ene gy
ma ke s, Cogen Economics & Finance, 12:1, 2395413, DOI: 10.1080/23322039.2024.2395413
To link o his a icle: h ps://doi.o g/10.1080/23322039.2024.2395413
© 2024 The Au ho (s). Published by In o ma
UK Limi ed, ading as Taylo & F ancis
G oup
Published online: 23 Aug 2024.
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FINANCIAL ECONOMICS | RESEARCH ARTICLE
Bi coin’s mul i ac al in luence: deciphe ing he ela ionship wi h
con en ional and enewable ene gy ma ke s
Ayesha Rasool Malik
a
, Faheem Aslam
a,b,c
and Paulo Fe ei a
c,d,e
a
Depa men o Managemen Sciences, COMSATS Uni e si y, Islamabad, Pakis an;
b
School o Business Adminis a ion,
Al Akhawayan Uni e si y, I ane, Mo occo;
c
VALORIZA - Resea ch Cen e o Endogenous Resou ce Valo iza ion, Po aleg e,
Po ugal;
d
Ins i u o Poli
ecnico de Po aleg e, Po aleg e, Po ugal;
e
CEFAGE-UE, IIFA, Uni e sidade de
E o a,
E o a,
Po ugal
ABSTRACT
The annual elec ici y consump ion o c yp ocu ency mining has wi nessed signi ican
g ow h in ecen yea s, ueled by an inc ease in ma ke pa icipa ion and he escala -
ing complexi y o he mining p ocess. This has led o ca bon emissions ha exceed
hose gene a ed by se e al de eloped na ions. The g owing impac o global wa ming
and ising en i onmen al conce ns has b ough inc eased sc u iny o Bi coin’s ene gy
consump ion, pa icula ly i s po en ial o in luence p ices in un o eseen ways. This
s udy in es iga es mul i ac al beha io in he c oss-co ela ion o he Camb idge
Bi coin Elec ici y Consump ion Index (CBECI) wi h bo h con en ional and enewable
ene gy p ices using he Mul i ac al De ended C oss-Co ela ion Analysis (MFDCCA)
me hod. Fo enewable ene gy, we conside ed Wilde Hill Clean Ene gy, S&P Global
Eco, S&P Global Clean Ene gy, OMX Sola Ene gy, and OMX Renewable Ene gy Index.
Fo con en ional ene gy, we conside ed he daily p ices o WTI c ude oil, B en oil,
hea ing oil, Newcas le coal, and na u al gas. The daily p ice da a ange om 2 Ap il
2013, o 29 Augus 2023, encompassing 1709 obse a ions. Addi ionally, we employed
a olling window analysis o unco e he ime- a ying dynamics in he c oss-co ela-
ions and pe sis ence le els be ween Bi coin elec ici y consump ion and ene gy p i-
ces. The indings e eal he exis ence o a c oss-co ela ion be ween he CBECI and
ene gy ma ke s. O e all, he CBECI exhibi s a pe sis en c oss-co ela ion wi h bo h
ene gy ma ke s; howe e , i is mo e pe sis en in he ossil uel ma ke , speci ically in
he coal ma ke . These indings sugges he inco po a ion o dynamic changes in he
CBECI in po olio managemen o e ec i e isk managemen s a egies.
IMPACT STATEMENT
The esul s o his s udy, which analyses mul i ac al c oss-co ela ion o Bi coin
Elec ici y Consump ion Index (CBECI) wi h bo h con en ional and enewable ene gy
p ices, e eal he exis ence o a c oss-co ela ion be ween a iables unde analysis.
Resul s a e ele an , sugges ing he possibili y o use CBECI in po olio managemen ,
bu also gi es in o ma ion o policymake s ele an , o example, o issues like global
and en i onmen al conce ns.
ARTICLE HISTORY
Recei ed 3 May 2024
Re ised 29 July 2024
Accep ed 15 Augus 2024
KEYWORDS
Bi coin; c yp ocu ency
mining; ene gy
consump ion; enewable
ene gy; con en ional
ene gy; mul i ac al analysis;
MFDCCA
SUBJECTS
Finance; En i onmen al
Economics; Economics
1. In oduc ion
Ene gy consump ion associa ed wi h Bi coin mining has become a key conce n. Mine s compe e o al-
ida e ansac ions using a compu a ionally in ensi e p ocess known as p oo o wo k, which equi es sig-
ni ican amoun s o elec ici y. Acco ding o he Camb idge Cen e o Al e na i e Finance (CCAF), a
single Bi coin ansac ion consumes an es ima ed 1200 kWh, oughly equi alen o he ene gy used in
100,000 VISA ansac ions. This ansla es o Bi coin mining, which accoun s o app oxima ely 0.52% o
he global ene gy consump ion. To pu his in o pe spec i e, Bi coin mining u ilizes he same amoun
o elec ici y annually as he en i e s a e o Washing on. This exceeds he annual elec ici y consump ion
CONTACT Paulo Fe ei a [email p o ec ed] VALORIZA - Resea ch Cen e o Endogenous Resou ce Valo iza ion, Po aleg e,
Po ugal Ins i u o Poli
ecnico de Po aleg e, Po aleg e, Po ugal CEFAGE-UE, IIFA, Uni e sidade de
E o a,
E o a, Po ugal
ß2024 The Au ho (s). Published by In o ma UK Limi ed, ading as Taylo & F ancis G oup
This is an Open Access a icle dis ibu ed unde he e ms o he C ea i e Commons A ibu ion License (h p://c ea i ecommons.o g/licenses/by/4.0/), which
pe mi s un es ic ed use, dis ibu ion, and ep oduc ion in any medium, p o ided he o iginal wo k is p ope ly ci ed. The e ms on which his a icle has been
published allow he pos ing o he Accep ed Manusc ip in a eposi o y by he au ho (s) o wi h hei consen .
COGENT ECONOMICS & FINANCE
2024, VOL. 12, NO. 1, 2395413
h ps://doi.o g/10.1080/23322039.2024.2395413
o coun ies such as he Uni ed A ab Emi a es, Philippines, Finland, and Belgium. Fu he highligh ing
he scale, he annual ene gy consump ion o Bi coin could powe all wa e -boiling ke les in he UK o
26 yea s (CCAF, 2023). Consequen ly, 65 mega ons o ca bon dioxide en e s he a mosphe e, which is
compa able o he emissions o G eece. Ne e heless, he mining indus y gene a es $13 billion globally,
wi h p ojec ions indica ing a u he inc ease in he o eseeable u u e. Cu en ly, he es ima ed e enue
is oughly $1.6 billion. Consequen ly, Bi coin mining has an impac on he ene gy ma ke owing o
heigh ened ene gy demand and a possible inc ease in ene gy p ices. I has an impac on he ossil uel
ma ke in se e al ways, including g ea e demand o hese uels, compe i ion o ene gy sou ces, and
he in e play o ma ke dynamics (supply and demand). I may also a ec he enewable ene gy ma ke
by inc easing demand, inc easing in es men incen i es o enewable ene gy, educing cu ailmen , and
enhancing e iciency.
C yp ocu ency is a digi al cu ency ha was i s launched in 2008 by Sa oshi Nakamo o. Since i s
in oduc ion, c yp ocu ency has become a common ansac ion me hod and has a ac ed conside able
in e es (Cui & Maghye eh, 2022). The c yp ocu ency ma ke has apidly e ol ed in o an essen ial com-
ponen o he global inancial indus y and an eme ging class o asse s (Co be e al., 2018a;2018b).
Mo eo e , c yp ocu ency is used by 1.2 billion hype in la ion ic ims wo ldwide. In Kenya, Vie nam,
Venezuela, and B azil, he expense and complexi y o legacy banking sys ems, uns able mone a y go -
e nance, and cu ency de alua ion ha e o ced many indi iduals o use c yp ocu encies o sa e, send,
and ecei e emi ances; buy basic i ems; and conduc e e yday business. Fu he mo e, i has been wel-
comed mo e in de eloped coun ies han in de eloping ones (Sha ma e al., 2021). Acco ding o
Capgemini (2021), he olume o non-cash ansac ions has inc eased o 700 billion; by 2025, non-cash
ansac ions will accoun o 25% o all ansac ions wo ldwide. Wi h 10.4 million bi coin use s, B azil
leads La in Ame ica (Cheikosman, 2022). Compa a i ely, India o e ook he Sou h Ame ican egion and
now accoun s o he highes c yp ocu ency use o he yea 2023 (T iple-A, 2023).
Ini ial s udies ocused p ima ily on he echnical aspec s o bi coin (Holub & Johnson, 2018). O he
schola ly in es iga ions ha e ocused on comp ehending he essence o bi coin (Ba i ie a e al., 2017;Ji
e al., 2019). Acco ding o Nakamo o (2008), Bi coin eme ged in esponse o he global inancial c isis in
2008 as a decen alized subs i u e o con en ional ( ia ) cu ency sys ems, which we e sc u inized by
cen al banks. Recen ly, inancial ansac ions ha e been eplaced wi h cashless ansac ions as he p e-
e ed me hod o paymen . Compa ed o o he c yp ocu encies, Bi coin is he leas isky one (Gkillas &
Ka siampa, 2018). I is a signi ican elemen o he Fou h Indus ial Re olu ion in he domain o inance
and blockchain echnology, which is used o ca y ou c yp ocu ency ansac ions. (Su e al., 2020).
Blockchain is a secu e digi al ledge ha acili a es he s o age o da a and in o ma ion (Bonda e ,
2020). Mul iple s udies ha e in es iga ed he unique dimensions o Bi coin, including i s ola ili y
(Mokni, 2021; Takaishi, 2020), p edic abili y (Adcock & G adoje ic, 2019), and o he s (Vuko ic e al.,
2021). In a ecen s udy, He n
andez S
anchez e al. (2024) highligh ed ha he egula ion o c yp ocu en-
cies in Spain was con using and di icul o unde s and, and ax agencies should p o ide mo e in o ma-
ion and esou ces.
Bi coin is no only used as a cu ency bu is also ega ded as a specula i e asse (Co be e al., 2018a,
2018b; Ye mack, 2015) and is in ended o es ablish an elec onic pee - o-pee paymen sys em (Zhang &
Balogun, 2018). Bi coin leads all o he c yp ocu encies by alue and ma ke capi aliza ion ($444 billion
(coinma ke cap, 2023)). I main ains i s posi ion as he ma ke leade , and he p ices o o he c yp ocu -
encies a e elian on Bi coin p ice luc ua ions (Co be , Lucey, e al., 2018). The Commodi y Exchange
Ac (CEA) has ecognized Bi coin as a commodi y since 2015, and because i is iewed as a commodi y,
i is a ec ed by o he ma ke commodi ies and mac oeconomic ac o s (Jalal e al., 2020). Fu he mo e,
c yp ocu ency unc ions in a decen alized manne , unlike ia money, which is go e ned by egula o y
au ho i ies. As a esul , i is highly ola ile ela i e o he ia cu ency. El Sal ado became he i s ec-
ognized na ion o Bi coin mining (N
a~
nez Alonso e al., 2021).
The discussion o Bi coin and i s ene gy use in mining ope a ions is in he de eloping s age.
Recen ly, se e al s udies ha e highligh ed he escala ing ene gy c isis associa ed wi h Bi coin mining
(Cha i e al., 2019; Das & Du a, 2020; de V ies, 2018; Huynh e al., 2022;K
€
u eoglu & €
Ozku an, 2019),
which has led o in ense deba e on i s long- e m sus ainabili y (De V ies & S oll, 2021). Se e al s udies,
including Badea and Mungiu-Pupazan (2021) and V anken (2017), poin ou ha Bi coin mining expenses
2 A. RASOOL MALIK, F. ASLAM, AND P. FERREIRA
a e a majo elemen in de e mining whe he a Bi coin mine will be p o i able. Acco ding o Das and
Du a (2020), mining p o i s a e in e sely p opo ional o bi coin’s ene gy usage. As Bi coin p ices ha e
an immedia e impac on mining and, consequen ly, ene gy consump ion, i is di icul o p edic he
amoun o ene gy ha will be used in Bi coin mining in he u u e (K€
u eoglu & €
Ozku an, 2019).
Rega ding asse p ices, Huynh e al. (2022) documen ed a ela ionship be ween Bi coin ene gy consump-
ion and i s e u ns and a highe di ec ional impac om Bi coin ading olumes o i s ene gy consump-
ion. Simila ly, c yp ocu ency ene gy-usage showed a sus ained and signi ican impac on he
pe o mance o companies lis ed in he ene gy sec o (Co be e al., 2021).
P oponen s o c yp ocu encies belie e ha hey will e en ually eplace ia cu ency, while oppo-
nen s dismiss such hopes because o hei ola ili y and he nega i e an h opogenic impac s o he min-
ing p ocess. The massi e demand o elec ici y was ini ially me by using ossil uels as he p ima y
sou ce o ene gy. As o 2021, 70% o all c yp o-mining has aken place in China (Jiang e al., 2021), due
o he coun y’s access o inexpensi e ene gy sou ces (coal, e c.). Howe e , China has ou lawed c yp o-
cu ency mining because o conce ns abou i s impac on he en i onmen . Consequen ly, mine s a e
ying o mo e o coun ies such as Kazakhs an and he U.S., which a e mo e dependen on ossil uels
o elec ici y gene a ion. Acco ding o Galle sd€
o e e al. (2020), non-Bi coin c yp ocu encies accoun
o app oxima ely 33% o he o al powe use in he c yp ocu ency indus y. Fu he mo e, a single min-
ing ansac ion consumes ene gy equal o he weekly elec ici y use o a ypical home. Ex emely high
le els o ca bon dioxide a e eleased in o he en i onmen when subs an ial amoun s o elec ici y a e
gene a ed o suppo he mining p ocess, using ossil uels as an ene gy sou ce. This con ibu es no
only o exis ing pollu ion bu also o clima e change and shows he se iousness o he si ua ion.
The e o e, conce ns abou he en i onmen and ca bon emissions ha e g own in esponse o he soa -
ing demand o powe (Sa kodie e al., 2022).
As a consequence o an h opogenic ac i i ies and he p oduc ion o g eenhouse gases, he wo ld is
expe iencing ca as ophic e ec s in he o m o clima e change and global wa ming. Global empe a u e
has al eady isen by one deg ee Celsius. These de as a ing e ec s include loods, sunamis, mel ing o
glacie s, wa e sho ages, c op ailu e, and pollu ion. Coun ies a e unable o s op he ising global em-
pe a u e and i s e ible epe cussions despi e adop ing s ic laws and egula ions and accep ing ag ee-
men s such as he Kyo o P o ocol, which equi es pa icipan s o cu hei g eenhouse gas emissions.
The Pa is Clima e Change Ag eemen se ed as an inspi a ion o he C yp o Clima e Acco d, which
seeks o achie e ze o ne ca bon emissions om elec ici y use ac oss all c yp o- ela ed ac i i ies by
2030. Howe e , he Bi coin mining p ocess wo sens an al eady disas ous si ua ion. Bi coin mining gene -
a es almos 35.95 million me ic ons o ca bon dioxide annually, o abou as much as New Zealand
consumes elec ici y (Kuma , 2021). The mining p ocess in ol es he use o bo h con en ional and non-
con en ional ene gy sou ces. Con en ional ene gy, such as ossil uels, adds uel o he i e by emi ing
massi e amoun s o ca bon dioxide in o he en i onmen du ing mining ope a ions.
In Janua y 2022, con en ional ene gy sou ces accoun ed o 62 pe cen o he o al ene gy combina ion
o Bi coin mining, whe eas enewable ene gy sou ces made up only 38 pe cen , acco ding o he Camb idge
Cen e o Al e na i e Finance (CCAF, 2022). The Camb idge Bi coin Elec ici y Consump ion Index (CBECI),
c ea ed and main ained by he Camb idge Cen e o Al e na i e Finance (CCAF), moni o s he elec ici y con-
sump ion o Bi coin mining acili ies. The Bi coin Mining Council Repo o 2022 epo s ha mine s a e g ad-
ually swi ching om con en ional o enewable ene gy sou ces o achie e an op imal ene gy balance, wi h
enewable ene gy accoun ing o 59.4% o all ene gy used in Bi coin mining (BMC, 2022).
Acco ding o ecen esea ch by Neumuelle (2022), he use o enewable ene gy in he c yp o-indus y,
pa icula ly Bi coin, has shown minimal p og ess du ing he yea . Mine s a e awa e o he inc easingly
gloomy o ecas s o he huge amoun s o ca bon emissions ha des oy he en i onmen . Howe e , hey
a e eluc an o shi om con en ional o sus ainable ene gy sou ces, mainly because ossil uels a e
cheape han enewable ene gy sou ces. As elec ici y consump ion o he mining p ocess g ows o e ime,
inc easing ca bon emissions pose a g ea h ea o he en i onmen and he sus ainabili y o c yp ocu ency
use. Howe e , as in El Sal ado , Bi coin mine s can use geo he mal ene gy as a subs i u e o con en ional
ene gy. Geo he mal ene gy may eme ge as he nex mos impo an ene gy sou ce o Bi coin mining. I
may also assis in lowe ing he ca bon impac o Bi coin mining, and because i o igina es om ho sp ings
o olcanoes, i may be used con inuously all yea ound (Mni e al., 2021). The In e na ional Ene gy Agency
COGENT ECONOMICS & FINANCE 3
(IEA) documen ed ha a dec ease in ene gy demand esul s in educed ene gy p ices. Hence, mo e mining,
leading o a highe demand o ene gy, will place an upwa d p essu e on ene gy p ices. Howe e , e icien
ene gy sou ces can lowe he ene gy p ices. The p ice o coal and elec ici y usage o he mining p ocess
ha e a s ong ime- a ying associa ion wi h each o he (Sibande e al., 2022).
The mul i ac al cha ac e is ics o he c oss-co ela ion be ween he CBECI and i s ene gy sou ces a e
ambiguous. The e o e, his s udy adds o he li e a u e wi h ou main con ibu ions ha dis inguish i
om p e ious s udies. Fi s , we in es iga e he mul i ac al c oss-co ela ion be ween he Camb idge
Bi coin Elec ici y Consump ion Index (CBECI) and he ene gy sou ces used in he mining p ocess unde
he ac al ma ke hypo hesis. Second, o a de ailed compa ison, he p ices o i e ossil uel ene gy
sou ces and enewable ene gy sou ces a e used: he WTI C ude Oil Index (CL), B en C ude Index (BRN),
Hea ing Oil Index (HO), Newcas le Coal Index (NEWC), and Na u al gas Index (NG), as well as i e enew-
able ene gy indices: Wilde Hill Clean Ene gy Index (ECOTR), S&P Global Eco Index (SPGTECOL), S&P
Global Clean Ene gy Index (SPGTCED), NASDAQ OMX Sola Ene gy Index (GRNSOLAR), and NASDAQ
OMX Wind Ene gy Index (GRNWIND). Thi d, o e eal he inne dynamics, a obus echnique o
Mul i ac al De ended C oss-Co ela ion Analysis (MFDCCA), a combina ion o DCCA and MFDFA, was
employed. Finally, he dynamic changes in he c oss-co ela ions be ween CBECI and he wo ene gy
sou ces we e quan i ied using a olling window MFDCCA analysis. Fu he mo e, daily changes in he pe -
sis ence le el o c oss-co ela ions we e documen ed. The indings o his s udy ha e impo an aca-
demic and manage ial implica ions o in es o s (i.e., in es men s a egies), policy make s (i.e., mining
policies), and academia (i.e., nonlinea modeling). In summa y, he hypo hesis unde s udy is o assess
he exis ence o mul i ac al c oss-co ela ion among CBECI and he di e en asse s unde analysis.
The main indings e eal he exis ence o a mul i ac al c oss-co ela ion be ween he CBECI and
ene gy ma ke s. Al hough he CBECI exhibi s a pe sis en c oss-co ela ion wi h bo h ene gy ma ke s, i
is mo e pe sis en in he ossil uel ma ke , speci ically in he coal ma ke . The es o he pape com-
p ises ou sec ions. Sec ion 2 discusses he ela ed li e a u e on he e icien ma ke hypo hesis (EMH),
F ac al Ma ke Hypo hesis (FMH) and he linkage be ween c yp ocu ency and ene gy ma ke s including
he p ice beha io , ollowed by he da a and empi ical me hodology in Sec ion 3.Sec ion 4 p esen s
and discusses he empi ical indings, and he concluding ema ks appea in Sec ion 5.
2. Li e a u e e iew
The ounda ion o he inancial ma ke s is based on he E icien Ma ke Hypo hesis p oposed by Fama
(1970). Howe e , inancial ma ke s do no always emain e icien , and se e al s udies ha e shown ha
hey ha e some laws, including ola ili y clus e ing (Xiao and Wang (2021)), a ails (Telli and Chen
(2020)), mul i ac ali y (Aslam e al. (2022)), chaos (Li e al. (2020)) and long- e m associa ion
(Konono icius & Ruseckas, 2019). The e o e, ac al models a e used o coun e hese disc epancies
because hey be e e lec ealis ic ma ke beha io . Consequen ly, he F ac al Ma ke Hypo hesis (FMH)
was de eloped by Pe e s in 1994, based on ac als, and was de eloped by Pe e s (1994). The FMH is
p o ided as an al e na i e o he adi ional EMH acco ding o a s udy by Ayg€
o en and Umu (2023) and
was used o explain he beha io o inancial ma ke s in e ms o ma ke e iciency (Milos¸ e al., 2020).
Se e al esea che s ha e s udied he ela ionship be ween c yp ocu encies and he ac o s necessa y
o he mining p ocess. Acco ding o S oll e al. (2019), c yp ocu ency mining consumes an inc easing
p opo ion o he wo ld’s powe , which is inc easing signi ican ly o e ime. The incen i e o c yp ocu -
ency mine s o inc ease p oduc ion in esponse o inc eased c yp ocu ency p ices has inc eased powe
usage. This inc ease in ene gy demand can be associa ed wi h owne ship e i ica ion and ansac ions,
as epo ed by Galle sd€
o e e al. (2020). Acco ding o Huynh e al. (2022), he Bi coin ading olume
may inc ease long- e m ene gy usage. This indica es ha he elec ici y consump ion o mining may
exceed cu en p ojec ions, which is also suppo ed by de V ies (2018). Fu he mo e, Masane e al.
(2019) e alua ed he ise in powe g ow h due o Bi coin mining and p edic ed ha Bi coin’s popula i y
would esul in ine i able changes in he global empe a u e. Howe e , highe cos s o ene gy esou ces,
such as su ging oil p ices, may impede mine s’abili y o achie e he b eake en poin , which is de imen-
al o he g ow h o he Bi coin ma ke and he e o e a ec s Bi coin p ice (K€
u eoglu & €
Ozku an, 2019).
4 A. RASOOL MALIK, F. ASLAM, AND P. FERREIRA
The e is no consensus on he ela ionship be ween Bi coin p ices and ene gy p ices. Fo ins ance,
Bas ian-Pin o e al. (2021) ind no associa ion be ween elec ici y cos s and c yp o p ices. Simila ly,
Bi coin and he c yp ocu ency ma ke a e becoming mo e associa ed wi h s ock ma ke s, whe eas he
c yp ocu ency ma ke ’s associa ion wi h ene gy, oil, and elec ici y becomes signi ican a e Bi coin
mining is impac ed by a u u e wo ldwide powe c isis (Huynh e al., 2022). C yp ocu encies seem o
ha e a ying co ela ions wi h ene gy commodi ies, such as na u al gas, c ude oil, and hea ing oil (Ji
e al., 2019; Mai i, 2022). Howe e , Bi coin is linked o he ene gy equi ed o mining, al hough his link
is chao ic and nonlinea in na u e. Mining ac i i ies a e signi ican ly in luenced by luc ua ions in he
Bi coin alue. As a esul , powe consump ion eac s o luc ua ions in he p ice o bi coin (K€
u eoglu &
€
Ozku an, 2019). Mo eo e , he e is long- e m con i ma ion o he ola ili y-gene a ing impac o Bi coin
on ossil uels and enewable ene gy equi ies (Symi si & Chal a zis, 2018). Rehman and Kang (2021)
es ablished ha lead and lag co ela ions exis among bi coin, c ude oil, and na u al gas. Consequen ly,
Bi coin mine s iden i ied a ela ionship be ween he alue o Bi coin and he alue o ene gy, indica ing
ha as Bi coin p ices ise, ene gy p ices will (Mei yani e al., 2022).
China’s ban on he highly ene gy-exhaus ing sec o o c yp o-mining is a signi ican imp o emen in
he global en i onmen . Howe e , p o i -o ien ed mine s may op o shi owa ds egions wi h less
en i onmen ally iendly ene gy s uc u es, hus coun e ing he e o s o en i onmen al measu es.
China’s enewable esou ces, such as hyd opowe , added app oxima ely 15% o Bi coin powe p oduc-
ion. A ho ough s udy o he coal ma ke by Lin and Li (2015) documen ed ha he mining sec o is
expe iencing a smoo h shi , wi h he use o sus ainable ene gy sou ces con inuing o es ic he ma ke
o coal and o he ossil uels owing o echnical di icul ies and ela i ely high p ices. Fu he mo e,
Neumuelle (2022) showed ha Bi coin s uggled o inc ease i s use o enewable ene gy in 2021–2022,
making only modes g ow h in i s ene gy mix. The ype o ene gy employed in c yp o-mining ope a ions
has a no able impac on he en i onmen , and enewable ene gy acili a es he shi o a sus ainable,
eliable, and economically easible ene gy al e na i e acco ding o he In e na ional Renewable Ene gy
Agency (IRENA, 2019). Cu en wo k on he ela ionship be ween c yp ocu ency and sus ainable ene gy
has mos ly concen a ed on calcula ing he ene gy equi emen s necessa y o main ain c yp ocu ency
ma ke places (Cha i e al., 2019; K ause & Tolayma , 2018; S oll e al., 2019). Acco ding o he p e ailing
li e a u e, Bi coin ma ke places mos ly depend on non- enewable ene gy sou ces ha h ea en he en i -
onmen (Shojaei e al., 2021; S oll e al., 2019). In con as , se e al s udies ha e claimed a co ela ion
be ween c yp ocu ency ma ke places and he enewable ene gy sec o (Co be e al., 2021; Polemis &
Tsionas, 2021). Acco ding o Suazo (2021), he emphasis should be on using clean ene gy in he mining
o Bi coin ins ead o concen a ing on he amoun o ene gy Bi coin consumes. The ca bon oo p in
and an h opogenic e ec s o c yp ocu encies may be educed by ansi ioning o clean ene gy. In a
ecen s udy, Aslam e al. (2023) applied mul i ac al de ended c oss-co ela ion analysis (MFDCCA) and
documen ed a c oss-co ela ion o he ca bon ma ke wi h B en c ude oil, Richa ds Bay coal (RBC), UK
Na u al gas, and he FTSE350 Elec ici y index. Fu he mo e, he adop ion o enewable powe and en i -
onmen ally iendly mining echnology can help educe Bi coin’s ca bon oo p in . The e is a lack o con-
nec i i y be ween clean ene gy and c yp ocu encies, implying ha clean ene gy migh be used as a
hedging and di e si ica ion s a egy o digi al cu encies in he coming yea s (Ren & Lucey, 2022).
3. Da a and me hodology
3.1. Da a desc ip ion
This s udy assesses mul i ac al beha io in he c oss-co ela ion be ween he Camb idge Bi coin Elec ici y
Consump ion Index (CBECI) and i e ossil uel and enewable ene gy indices using he obus echnique o
MFDCCA analysis. Changes in he global en i onmen and luc ua ing ene gy p ices ha e o ced c yp ocu -
ency mine s o op imize he ene gy mix o mee he e e -inc easing demand o elec ici y. Acco ding o
he Camb idge Cen e o Al e na i e Finance CCAF (2022), he pe cen age o ossil uels used in he mining
p ocess has d opped sligh ly om 65% in 2021 o 62.4% in 2022. Coal usage declined om 47% o 37%
and mining became mo e elian on gas. Fu he mo e, he p opo ion o enewable sou ces, classi ied as
hyd o, sola , wind, and nuclea , in he ene gy mix has inc eased sligh ly om 35% o 38% in 2022 compa ed
COGENT ECONOMICS & FINANCE 5
o 2021. Howe e , he sha e o hyd opowe d opped om 20% o 15%, mainly because o he ban on min-
ing in China, which was conduc ed ei he h ough hyd opowe o coal.
This s udy uses daily da a om he Camb idge Bi coin Elec ici y Consump ion Index (CBECI). This
index, main ained by he Uni e si y o Camb idge, p o ides aluable insigh s in o he daily es ima es o
powe consump ion and ene gy mix usage associa ed wi h Bi coin mining wo ldwide. The CBECI p o-
ides he daily Bi coin ne wo k powe demand main ained by he Camb idge Cen e o Al e na i e
Finance (CCAF). As elec ici y consump ion canno be es ima ed exac ly, he index p o ides a hypo he -
ical ange o ene gy consump ion wi hin which lies he bes es ima e o eal consump ion.
1
The CBECI
da a we e aken om he Camb idge Cen e o Al e na i e Finance (h ps://cca .io/cbnsi/cbeci), while
daily ene gy p ices we e collec ed om LSEG (h ps://www.lseg.com/en/da a-analy ics) om 2 Ap il 2013,
o 29 Augus 2023. The sample da a o ossil uels include he WTI C ude Oil Index (CL), B en C ude
Index (BRN), Hea ing Oil Index (HO), Newcas le Coal Index (NEWC), and Na u al Gas Index (NG); enew-
able ene gy includes he Wilde Hill Clean Ene gy Index (ECOTR), S&P Global Eco Index (SPGTECOL), S&P
Global Clean Ene gy Index (SPGTCED), NASDAQ OMX Sola Ene gy Index (GRNSOLAR), and NASDAQ
OMX Wind Ene gy Index (GRNWIND). The ossil uels and enewable ene gy indices employed a e he
ene gy sou ces mos commonly used o gene a e elec ici y o c yp ocu ency mining. A lis o ene gy
ma ke s, hei symbols, and desc ip ions a e p o ided in Table 1.
Fo MFDCCA, he da es o he ene gy ma ke indices a e ma ched wi h he da es o he CBECI.
3.2. Mul i ac al de ended c oss-co ela ion analysis (MFDCCA)
Since he de elopmen o mul i ac al de ended c oss-co ela ion analysis (MF-DCCA, o MF-DXA) by
Zhou (2008) o e eal he mul i ac al ea u es o wo c oss-co ela ed signals, DCCA and MF-DCCA ha e
been widely discussed and used (Aslam e al., 2022; Ja a i e al., 2007; Z.-Q. Jiang & Zhou, 2011;
K is ou ek, 2011; Zou & Zhang, 2020). Recen s udies a emp ed o e eal he inne dynamics o such
c oss-co ela ions which exis in many simul aneously eco ded ime se ies (Aslam e al., 2022; Podobnik
e al., 2009; Shi e al., 2020; Wa¸ o ek e al., 2019; Xiong e al., 2018; Zhao & Cui, 2021). In a ecen s udy,
Dhi aoui (2022) p o ed ha he de ended c oss-co ela ion me hods emained obus in he p esence
o any ou lie s and can be applied o any inancial ime se ies.
The summa ized algo i hm o he MFDCCA by Zhou (2008) is explained as ollows: Fi s , wo ime se -
ies ðxiÞ
and ðyiÞ
o he same leng h a e conside ed, whe e Nis he o al numbe o obse a ions o
bo h ime se ies, hen he MF-DCCA me hod can be summa ized as ollow
S ep 1: Cons uc he p o ile
We begin by cons uc ing he signal p o iles o Xi
ðÞ and Yi
ðÞ as ollows:
Xi
ðÞ ¼X
j
i¼1
xi−x
ðÞ
,i¼1, 2, 3::::::,N, (1)
Table 1. Lis o ene gy ma ke s.
S.no CBECI & Ene gy Ma ke s Symbol Desc ip ion
1 Camb idge Bi coin Elec ici y Consump ion Index (CBECI) Daily upda es o Bi coin powe demand
Fossil uels
2 WTI C ude Oil Index (CL) WTI C ude Oil Spo
3 B en C ude Oil Index (BRN) B en C ude Spo
4 Hea ing Oil Index (HO) Hea ing Oil Spo
5 Newcas le Coal Index (NEWC) Coal Spo
6 Na u al Gas Index (NG) Na u al Gas Spo
Renewable ene gy
7 Nasdaq OMX Sola Ene gy Index (GRNSOLAR) Sola powe gene a ion companies aded on NASDAQ
8 Nasdaq OMX Wind Ene gy Index (GRNWIND) Wind powe gene a ion companies aded on NASDAQ
9 Wilde Hill Clean Ene gy Index (ECOTR) Clean ene gy ma ke leade s aded on NYSE
10 S&P Global Clean Ene gy Index (SPGTCED) Top 100 companies in global clean ene gy indus y om
de eloped and eme ging ma ke s
11 S&P Gloal Eco Index (SPGTECOL) Fo y la ges companies om ecology ela ed indus ies
Da a ange: 2 Ap il 2013–29 Augus 2023; Numbe o obse a ions: 1709.
6 A. RASOOL MALIK, F. ASLAM, AND P. FERREIRA
Yi
ðÞ ¼X
j
i¼1
y −y
ðÞ
,i¼1, 2, 3::::::,N, (2)
whe e xand ya e he a e age alues o ðxiÞ
and ðyiÞ
:
S ep 2: he cons uc ed signal p o iles we e di ided in o Xi
ðÞ and Yi
ðÞ in o Ns¼in N
sboxes o he same
leng h s:Conside ing he possibili y o Nbeing a non-mul iple o s om he end o he sample, as p o-
posed by Kan elha d (2011), esul ing in 2Nssegmen s ob ained al oge he .
S ep 3: he local ends X ðiÞand Y ðiÞo each elemen is compu ed, and he a iance o each ¼
1, 2, ...,2Nsis calcula ed as
F2s,
ðÞ
¼1
sX
s
i¼1
X: −1
ðÞ
sþi
½
−X ðiÞ
jj
:Y: −1
ðÞ
sþi
½
−Y :ðiÞ
jj
(3)
o each segmen ¼1, 2, ...,Nsand
F2s,
ðÞ
¼1
sX
s
j¼1
X:N− −Ns
ðÞ
:sþi
½
−X i
ðÞ
:
Y:N− :−Ns
ðÞ
sþi
½
−Y :ðiÞj (4)
o ¼Ns,...,2Ns:
S ep 4: By a e aging o e all segmen s he q-o de luc ua ion unc ion is ob ained h ough he equa ion
below.
Fqs
ðÞ¼1
2NsX
2Ns
¼1
F2:s,
ðÞ
q=2
()
1=q
(5)
This equa ion is conside ed when q 6¼ 0, and when q¼0 he equa ion is gi en below:
F0s
ðÞ¼exp:1
4NsX
2Ns
¼1
ln F2:s,
ðÞ
hi
() (6)
Now, we ob ain he s anda d DCCA a q¼2 wi h Fqs
ðÞ as an inc easing unc ion o s.
S ep 5: Finally, he mul i-scaling beha io o luc ua ion is de ec ed h ough he examina ion o log-log
plo s o Fqs
ðÞagains s o each q:
Fqs
ðÞsHxy:q
ðÞ (7)
He e, he powe law associa ion be ween he wo nonlinea ime se ies is shown by he scaling expo-
nen Hxy q
ðÞ
, which exp esses he ex en o Fqs
ðÞagains he inc ease in he s scale. Bo h he IF ime se -
ies ðxiÞ
and ðyiÞ
a e iden ical, and MFDCCA indica es a special case o MFDFA. As sugges ed by
O
swie¸cimka, e al. (2014), he scales a e selec ed acco ding o he se ies leng h Nwhile he maximum
scale is aken as Smax <N5:
In he case o a s a iona y ime se ies, he Gene alized Hu s Exponen Hxy 2
ðÞ
, is iden ical o he clas-
sic Hu s Exponen h(K is ou ek, 2011). Mo eo e , a Hxy 2
ðÞ
¼0:5 shows he e is no c oss-co ela ion
be ween he wo- ime se ies. Howe e , when Hxy 2
ðÞwas g ea e han 0.5, c oss-co ela ion pe sis ed
be ween he wo- ime se ies, indica ing a posi i e co ela ion be ween hem. Fu he mo e, Hxy 2
ðÞless
han 0.5 shows an i-pe sis ence and nega i e c oss-co ela ion.
Acco ding o Yuan e al. (2009), he mul i ac ali y deg ee DHis de ined as
DH¼Hmax:q
ðÞ
−Hmin:ðqÞ(8)
The mul i ac ali y deg ee ep esen s he s eng h o he mul i ac ali y. The g ea e he numbe o
DH alues, he s onge is he deg ee o mul i ac ali y. Fu he mo e, a pa icula alue o Hxy q
ðÞmay
e lec he deg ee o mul i ac ali y along wi h he succeeding c oss-co ela ions. The ollowing can be
used o de e mine he deg ee o mul i ac ali y using he Legend e ans o m.
COGENT ECONOMICS & FINANCE 7
ha e a no mal dis ibu ion. The es esul s indica e s a is ical signi icance a he 1% le el, leading o he
ejec ion o he null hypo hesis o he goodness-o - i es , which s a es ha he da a ha e a no mal
dis ibu ion. Las ly, he Augmen ed Dickey Fulle es is used o assess he s a iona i y o he da ase
and o de ec he p esence o uni oo s wi hin he da a. The esul s con i m ha CBECI and ene gy
ma ke index da a a e s a iona y a a signi icance le el o 1%.
4.4. Mul i ac al de ended c oss-co ela ion analysis
To examine he exis ence o c oss-co ela ion be ween CBECI and he ene gy ma ke s, a obus ech-
nique o Mul i ac al De ended C oss-Co ela ion Analysis was employed. Fo his pu pose, log-log plo s
Figu e 5. Daily pe cen age e u ns o Renewable Ene gy Ma ke Indices.
14 A. RASOOL MALIK, F. ASLAM, AND P. FERREIRA
o he luc ua ion unc ion we e examined wi h an inc easing o de o q om −5 oþ5. Figu e 6 illus-
a es plo s o he luc ua ion unc ion o LogðFxyqðsÞÞ agains s( ime leng h) o each q:The le panel
displays he plo s o ossil uel indices and he igh panel displays he plo s o enewable ene gy indi-
ces. The ising linea end con i ms he powe -law associa ion be ween CBECI and bo h ene gy ma ke s,
ha is, ossil uels and enewable ene gy. Mo eo e , he scaling exponen Hxy q
ðÞindica es he powe
law associa ion, which is also called he c oss-co ela ion exponen . The scaling exponen is he slope o
he luc ua ion unc ion plo . Figu e 7 shows he hq plo ed agains he inc easing o de o q, and he
esul s a e shown in Table 3.
The Hu s exponen shows a diminishing pa e n wi h inc easing qo de s in all ma ke s.
Fu he mo e, he alues dec eased wi h inc easing q, as shown in Table 3. This diminishing pa e n
con i ms he mul i ac ali y be ween CBECI and ene gy ma ke s. Fo example, he alue o NEWC is
0.8291 a q¼–5 which d opped o 0.5569 a q¼þ5, and he alue o GRNSOLAR is 0.7663, d opping
o 0.4953 when he alue o qinc eases. A simila declining end is e iden o all he a iables. The
lowes Hu s exponen alue was 0.3955 o SPGTECOL. The alues o Hxy q
ðÞwhen q¼2 indica e he
pe sis ence le el be ween he CBECI and ene gy ma ke s. Acco dingly, all he ma ke s, ha is, ossil
uels and enewable ene gy, ha e q alues g ea e han 0.5, exhibi ing pe sis en c oss-co ela ion
wi h CBECI, excep SPGTECOL, which has a sco e less han 0.5, he eby exhibi ing an i-pe sis en
c oss-co ela ion wi h CBECI.
This shows he highes pe sis ence le el be ween coal (NEWC) and CBECI in he case o ossil uel
ma ke s, and he highes pe sis ence le el be ween sola ene gy (GRNSOLAR) and CBECI in he case o
enewable ma ke s. The alues o Hxy q
ðÞchange wi h he inc easing o de o q, illus a ing ha he
c oss-co ela ion is mul i ac al. Fu he mo e, he alues o Hxy q
ðÞa e g ea e when q<0 han q>0
indica ing ha modes luc ua ions in he CBECI and ene gy ma ke s a e pe sis en ly c oss-co ela ed.
Acco ding o K is ou ek (2011), Hxy 2
ðÞ
>0:5 ep esen ha he se ies a e c oss-pe sis en and a change
(posi i e/nega i e) o Dx y has a highe p obabili y o ano he posi i e (nega i e) alue o Dx þ1y þ1:
Likewise, long- ange c oss co ela ion means ha bo h ime se ies exhibi long memo y in hei own se -
ies’lag and a change in one a iable has a highe p obabili y o being ollowed by a signi ican change
in ano he a iable (Podobnik & S anley, 2008; Yuan e al., 2012). In his con ex , Highe CBECI likely ies
o some ene gy p ice mo emen s. This could be due o highe ene gy demand o mining ac i i ies, p o-
duc ion cos s ising wi h ene gy p ices, o ade policies a ec ing ene gy sou ces.
Fo u he con i ma ion, Table 4 summa izes he mul i ac al indices, whe e he Hu s a e age alues
ange be ween 0.5–0.7; he DHindica es he s eng h o mul i ac ali y, he g ea e DH, he la ge he
mul i ac ali y and he ma ke is mo e ine icien (Figu e 8). The alues we e g ea e han ze o, indica ing
ha he c oss-co ela ions exhibi ed mul i ac al pa e ns. In addi ion, he highes mul i ac ali y was
ound be ween CBECI-NEWC, wi h a alue o 0.2722 in he ossil uel ma ke . The highes mul i ac ali y
was ound in CBECI-SPGTECOL, wi h a sco e o 0.3396 in he enewable ene gy ma ke . To e i y he
alue o DH,Da was ob ained, which illus a es he spec um wid h and is used o app oxima e he
mul i ac al s eng h, as shown in Figu e 4. The b oade he spec um, he s onge he mul i ac ali y.
Hence, SPGTECOL has a b oade spec um wid h han he o he indices in he enewable ene gy ma ke ,
Table 2. Summa y s a is ics o CBECI and ene gy ma ke indices.
CBECI & Ene gy Ma ke s
Mean Maximum Minimum SD Skewness Ku osis Ja que-Be a es ADF
CBECI 0.2698 33.9538 −49.4235 3.8781 −2.7529 35.0160 8123.0005 −10.0507
CL −0.1044 37.6623 −305.9661 6.9460 −33.5922 1425.8274 1038.0009 −12.0069
BRN 0.0204 21.0186 −24.4036 2.4401 −0.3534 12.9519 1274.0003 −11.0797
HO 0.0264 15.0127 −21.9277 2.3076 −0.4078 9.5328 9658.0005 −12.0052
NEWC 0.0449 40.5751 −35.1085 2.2699 0.4563 85.2832 7836.0001 −11.0492
NG 0.0434 21.8943 −16.5282 3.4291 0.2149 3.2915 446.0092 −12.0763
GRNSOLAR 0.1091 12.8075 −17.5787 2.0837 −0.2529 5.4041 275.0054 −11.0991
GRNWIND 0.0717 9.5860 −12.4383 1.6767 −0.1665 4.6450 1560.0008 −12.0055
ECOTR 0.0468 33.7928 −21.2982 2.4162 0.7682 20.0306 1379.0005 −11.0245
SPGTCED 0.0463 11.6647 −11.7477 1.4642 −0.2015 7.8130 1025.0009 −10.0625
SPGTECOL 0.0037 8.1570 −10.1472 1.0540 −0.4346 11.4648 950.0009 −11.0776
deno es 1% le el o signi icance.
COGENT ECONOMICS & FINANCE 15
illus a ing s onge mul i ac ali y wi h CBECI. Mo eo e , NEWC has a b oade spec um wid h when he
ossil uel ma ke is conside ed. A s onge mul i ac al beha io indica es mo e ine iciencies in he ma -
ke , esul ing in EMH ailu e.
The AI ep esen s he asymme ic posi ion o he ene gy ma ke indices. The sco es show ha CL,
NEWC, NG, SPGTCED, and SPGTECOL a e le -skewed when he AI is less han 1. In con as , BRN, HO,
Figu e 6. Log-Log plo s o Fluc ua ion unc ion o CBECI & Ene gy Ma ke Indices.No e: x-axis deno es s(days); y-axis
deno es Log(Fxyq (S)).
16 A. RASOOL MALIK, F. ASLAM, AND P. FERREIRA
GRNSOLAR, GRNWIND, and ECOTR a e igh -skewed when AI is g ea e han 1. In addi ion, C ep esen s
he ex en o unca ion. CL, NEWC, NG, SPGTCED, and SPGTECOL ha e le -side unca ion because Cis
g ea e han 1; howe e , BRN, HO, GRNSOLAR, GRNWIND, and ECOTR ha e igh -side unca ion because
Cis less han 1. The esul s o Cwe e simila o hose o AI:The indices wi h le ( igh ) unca ion
Figu e 7. Gene alized Hu s exponen o CBECI and Ene gy Ma ke Indices.No e: x-axis deno es q; y-axis deno es hq.
COGENT ECONOMICS & FINANCE 17
sugges he p esence o s onge (weake ) singula i ies, and he c oss-co ela ion shows a mul i ac al
s uc u e ha emains una ec ed by local luc ua ions o small (la ge) magni udes (Ihlen, 2012).
4.5. Rolling window analysis
To in es iga e he ime- a ying changes in he c oss-co ela ion be ween he CBECI and ene gy
ma ke s, olling window MFDCCA was employed. Figu e 9 ep esen s he olling window analysis o
1000 ading days in ene gy ma ke s. In he case o ossil uel ma ke indices (Panel A), NEWC
emained abo e all o he indices excep in 2018 and hen e e ed back o a high posi ion wi h an
inc easing end in he i s qua e o 2022, while o he indices declined. Fo Renewable Ene gy
Indices (Panel B), he SPGTCED is clea ly abo e all indices du ing he sample pe iod. The index e u ns
o bo h ma ke s a e abo e 0.5 h oughou he pe iod, indica ing a pe sis en c oss-co ela ion wi h
CBECI. In acco dance wi h he Del a H alues, NEWC had he highes mul i ac ali y wi h CBECI in he
ossil uel ma ke . Coal is he cheapes ene gy sou ce a ailable o mine s, esul ing in educed mining
cos s and imp o ed mining p o i s. Consequen ly, coal accoun s o a signi ican po ion o he ene gy
sou ce used in Bi coin mining, and an inc ease in Bi coin powe usage will also esul in inc eased
coal use in he u u e. SPGTCED had he highes pe sis en mul i ac ali y wi h CBECI. The SPGTCED
comp ises he highes numbe o global clean ene gy- ela ed i ms in de eloped and eme ging ma -
ke s. This can be a ibu ed o in es o s’inc eased in e es in clean ene gy in es men s o e ime,
en i onmen al consciousness, and egula o y changes. O e all, he beha io o he ossil uel and
enewable ene gy ma ke s is he same as ha o CBECI. All ma ke s a e pe sis en wi h CBECI,
al hough he le el o pe sis ence changes h oughou he sample pe iod. This shows ha an inc ease
in Bi coin powe consump ion will esul in an inc ease in he ossil uels and enewable ene gy ma -
ke in he u u e. Fo ins ance, ma ke pe sis ence has declined wi h CBECI in 2021. This could be
Table 3. Hu s exponen o CBECI and Ene gy Ma ke s anging o e qe(-5 o 5).
Q CL BRN HO NEWC NG GRNSOLAR GRNWIND ECOTR SPGTCED SPGTECOL
−5 0.7490 0.7234 0.7255 0.8291 0.6740 0.7663 0.7249 0.7265 0.7260 0.7351
−4.5 0.7392 0.7136 0.7148 0.8209 0.6660 0.7536 0.7142 0.7166 0.7173 0.7237
−4 0.7286 0.7030 0.7032 0.8118 0.6570 0.7395 0.7027 0.7057 0.7076 0.7110
−3.5 0.7172 0.6918 0.6909 0.8017 0.6480 0.7239 0.6901 0.6934 0.6969 0.6970
−3 0.7049 0.6798 0.6777 0.7906 0.6380 0.7068 0.6767 0.6798 0.6850 0.6816
−2.5 0.6918 0.6672 0.6639 0.7784 0.6280 0.6885 0.6624 0.6648 0.6718 0.6647
−2 0.6780 0.6539 0.6494 0.7651 0.6170 0.6694 0.6473 0.6485 0.6574 0.6465
−1.5 0.6637 0.6403 0.6344 0.7509 0.6060 0.6500 0.6318 0.6312 0.6417 0.6272
−1 0.6488 0.6262 0.6190 0.7358 0.5950 0.6311 0.6161 0.6132 0.6250 0.6070
−0.5 0.6337 0.6120 0.6034 0.7202 0.5840 0.6133 0.6004 0.5948 0.6073 0.5865
0 0.6181 0.5974 0.5875 0.7033 0.5720 0.5970 0.5849 0.5759 0.5885 0.5653
0.5 0.6032 0.5834 0.5724 0.6878 0.5610 0.5818 0.5702 0.5583 0.5707 0.5452
1 0.5881 0.5694 0.5573 0.6716 0.5490 0.5683 0.5561 0.5407 0.5523 0.5251
1.5 0.5734 0.5556 0.5429 0.6554 0.5370 0.5562 0.5428 0.5238 0.5342 0.5056
2 0.5592 0.5424 0.5290 0.6394 0.5240 0.5452 0.5304 0.5078 0.5169 0.4869
2.5 0.5455 0.5296 0.5159 0.6239 0.5120 0.5351 0.5188 0.4928 0.5004 0.4690
3 0.5324 0.5175 0.5036 0.6089 0.4990 0.5259 0.5079 0.4789 0.4848 0.4521
3.5 0.5200 0.5060 0.4921 0.5945 0.4870 0.5174 0.4978 0.4661 0.4704 0.4363
4 0.5082 0.4951 0.4813 0.5811 0.4760 0.5095 0.4883 0.4544 0.4570 0.4216
4.5 0.4971 0.4849 0.4713 0.5685 0.4650 0.5021 0.4796 0.4438 0.4447 0.4080
5 0.4867 0.4754 0.4620 0.5569 0.4540 0.4953 0.4715 0.4341 0.4334 0.3955
Table 4. Summa y o mul i ac al indices.
Pai Hu s A e age Del a H Del a Alpha AI C
CBECI-CL 0.6184 0.2623 0.4441 0.9686 1.0612
CBECI-BRN 0.5985 0.2480 0.4217 1.0315 0.9694
CBECI-HO 0.5904 0.2635 0.4435 1.1252 0.8692
CBECI-NEWC 0.6998 0.2722 0.4504 0.7765 1.4146
CBECI-NG 0.5690 0.2198 0.3890 0.8276 1.2381
CBECI-GRNSOLAR 0.6132 0.2710 0.4465 1.8097 0.5354
CBECI-GRNWIND 0.5912 0.2534 0.4226 1.2867 0.7570
CBECI-ECOTR 0.5786 0.2924 0.4688 1.0440 0.9798
CBECI-SPGTCED 0.5852 0.2926 0.4726 0.8243 1.2989
CBECI-SPGTECOL 0.5662 0.3396 0.5547 0.9580 1.0965
18 A. RASOOL MALIK, F. ASLAM, AND P. FERREIRA
linked o he ban on c yp ocu ency mining ac i i ies imposed by China in 2021 (Cha lie, 2021).
Fu he mo e, he Chinese p ohibi ion has led o an inc ease in he use o ossil uels o mining.
Mine s eloca e o coun ies such as he Uni ed S a es and Kazakhs an, esul ing in inc eased eliance
Figu e 8. Mul i ac al Spec um Wid h o CBECI and Ene gy Ma ke Indices.No e: x-axis deno es a; y-axis deno es (a).
COGENT ECONOMICS & FINANCE 19
on ossil uel esou ces om he Uni ed S a es a he han hyd opowe esou ces o me ly p o ided by
China (Digiconomis , 2022). Mo eo e , he e was a s onge co ela ion be ween bi coin mining and
enewable ene gy use be o e he eme gence o COVID-19. Howe e , his co ela ion has diminished
o e ime, wi h a g owing associa ion be ween ossil uels and bi coin mining (Kuma i e al., 2023).
5. Concluding ema ks
The pu pose o his s udy is o examine he mul i ac al beha io o c oss-co ela ion be ween he
Camb idge Bi coin Elec ici y Consump ion Index (CBECI) and ene gy ma ke s, ha is, ossil uel and enew-
able ene gy ma ke s. The esul s o he MFDCCA con i m he exis ence o c oss-co ela ion be ween he
CBECI and ene gy ma ke s. In addi ion, a powe law associa ion exis s be ween he se ies. The Gene alized
Hu s Exponen Hxy 2
ðÞ
is used o explo e he deg ee o pe sis ence, indica ing ha all indices o ossil uel
and enewable ene gy ma ke s a e pe sis en wi h he CBECI, excep SPGTECOL, which has an an i-pe sis -
en associa ion wi h he CBECI. In he case o he ossil uel ma ke , NEWC has he highes deg ee o mul i-
ac ali y wi h CBECI, as indica ed by he DH alue, while SPGTECOL has he highes deg ee o
mul i ac ali y when he enewable ene gy ma ke is conside ed. Likewise, Da he spec um wid h, shows
ha NEWC has he la ges spec um wid h, indica ing g ea e mul i ac ali y, whe eas SPGTECOL has he
la ges spec um wid h. These esul s ea i m exis ing s udies ha conclude a causal associa ion be ween
bi coin mining and con en ional and noncon en ional ene gy sou ces. Bi coin elec ici y usage has a sig-
ni ican in luence on he ene gy sec o (Co be e al., 2021). Addi ionally, he Csco e showed ha CL,
NEWC, NG, SPGTCED, and SPGTECOL had le -sided unca ion and BRN, HO, GRNSOLAR, GRNWIND, and
ECOTR had igh -sided unca ion. These esul s a e consis en wi h he esul s o AI:The indices wi h le
( igh ) unca ion sugges he p esence o s onge (weake ) singula i ies, and he c oss-co ela ion exhibi s
a mul i ac al s uc u e ha emains una ec ed by local luc ua ions o small (la ge) magni udes.
The p esence o long- ange c oss-co ela ions sugges s ha p e ious adjus men s o he CBECI alues
may enhance ene gy p ice o ecas ing. Finally, compa ed o la ge luc ua ions, he c oss-co ela ion
beha io o small luc ua ions is s ill mo e pe sis en , indica ing ha sho - e m shocks ha e a longe -
las ing e ec on he ma ke han do la ge shocks. Ul ima ely, his means ha in es o s and und manag-
e s mus exe cise cau ion when conside ing he ene gy ma ke as a shel e du ing ola ile imes. The
Figu e 9. Dynamic changes o Fossil Fuels and Renewable Ene gy Ma ke Indices.
20 A. RASOOL MALIK, F. ASLAM, AND P. FERREIRA
conclusions o his s udy ha e a numbe o signi ican implica ions o esea che s, in es o s, and legisla-
o s. The nonlinea dependence o he c oss-co ela ions indica es ha changes o he CBECI will a ec
he ola ili y and e u n o ene gy p ices. In es o s can also use CBECI- ela ed po olio managemen
echniques by conside ing ene gy p ices in esponse o changes in he CBECI. Fo academia, common
linea models, such as OLS, a e no sui able o assessing he c oss-co ela ion be ween a iables, such
as CBECI and ene gy ma ke s. Finally, ime- a ying dynamic changes we e obse ed be ween ene gy
consump ion and CBECI. This implies ha po olio manage s should conside hese dynamic changes,
because hei ela ionships and pe sis ence a y wi h he si ua ion. The s udy ocused on he powe con-
sump ion index o Bi coin, bu o he c yp ocu encies wi h g owing popula i y and ma ke capi aliza ion
can be used ins ead o Bi coin, such as he E he eum elec ici y index. To e eal mic os uc u es, in aday
da a can be used in u u e s udies.
Au ho s’con ibu ions
Ayesha Rasool and Paulo Fe ei a con ibu ed o he s udy’s concep ion and design. Ma e ial p epa a ion, da a col-
lec ion, and analysis we e pe o med by Paulo Fe ei a and Faheem Aslam. Ayesha Rasool w o e he i s d a o
he manusc ip while Faheem Aslam supe ised he p ocess. Finally, all au ho s e iewed, edi ed, and commen ed
on p e ious e sions o he manusc ip . All au ho s ead and app o ed he inal manusc ip .
Disclosu e s a emen
No po en ial compe ing in e es was epo ed by he au ho s.
No es
1. Due o he decen alised na u e o he ne wo k, CBCIE calcula ion is based on se e al assump ions including
hypo he ical lowe -bound ( loo ) and uppe -bound (ceiling) es ima es. These wo bounda ies encompass a bes -
guess es ima e, a mo e accu a e indica ion o he ac ual powe demand. Fo de ails, isi h ps://cca .io/cbnsi/
cbeci/me hodology.
2. The de ail documen a ion is a ailable a h ps://www. documen a ion.o g/packages/MFDFA/ e sions/1.1/ opics/
MFDFA.
Funding
Paulo Fe ei a acknowledges inancial suppo om Fundac¸~
ao pa a a Ci^
encia e a Tecnologia (g an UIDB/05064/
2020).
Abou he au ho s
Ayesha Rasool Malik, a BS Accoun ing and Finance G adua e, ad anced he expe ise wi h mas e ’s in inance om
COMSATS Uni e si y, Islamabad. He esea ch ocused on ene gy p ices, in ech and c yp ocu encies. Wi h he
s ong backg ound in inancial analysis, she is dedica ed o le e aging my skills o d i e impac ul inancial s a egies
and solu ions.
D . Faheem Aslam is an Associa e P o esso o Finance a Business School, Al Akhawayn Uni e si y, Mo occo. He
ea ned his Mas e 's and Ph.D. Deg ees om Hanyang Uni e si y Business School, Seoul, Sou h Ko ea. His wo k
ex ends beyond heo e ical models and equa ions, making a signi ican impac on social wellbeing. He le e ages
cu ing-edge inance and economics echniques, such as inancial ne wo ks, mul i ac ali y, ola ili y spillo e s, and
machine lea ning, o iden i y ma ke ine iciencies, sou ces o inancial ins abili y, changes in inancial ne wo ks, and
he spillo e e ec s o black swan e en s.
Paulo Fe ei a is an Economis and holds a PhD in Managemen . Wi h se e al pee e iewed published pape s in
in e na ional e iews, as well as echnical books, his esea ch is ocused on he analysis o inancial ma ke s,
al hough wi h esea ch also in o he esea ch ields. Ac ually he is Full P o esso and P o-P esiden o Resea ch,
Inno a ion and Technology T ans e a he Poly echnic Po aleg e Uni e si y, bu wi h eaching expe ience in o he
highe educa ion ins i u ions. He is esea che a VALORIZA - Resea ch Cen e o Endogenous Resou ce Valo iza ion
(Po aleg e).
COGENT ECONOMICS & FINANCE 21
ORCID
Faheem Aslam h p://o cid.o g/0000-0001-7308-096X
Paulo Fe ei a h p://o cid.o g/0000-0003-1951-889X
Da a a ailabili y s a emen o da a
The da a se used in he s udy is a ailable on eques o he co esponding au ho ( [email p o ec ed]).
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