ANALYSIS OF THE IMPACT OF CRYPTO TRADING ON CARBON EMISSIONS USING PATH ANALYSIS

Yıl 2024, Sayı: 44, 113 – 124, 07.08.2024

Suzan Oğuz

https://doi.org/10.18092/ulikidince.1441825

Öz

Kripto para birimlerine olan ilginin artmasına paralel olarak kripto ticareti ve CO2 arasındaki ilişki, finansal piyasaları ve çevresel sürdürülebilirlik çabalarını yönlendirmek için kritik bir öneme sahiptir. Bu çalışmanın amacı, kripto ticaretinin karbon emisyonları (CO2) üzerindeki etkisini uluslararası ticaret ve enerji kullanımı aracılık rolleriyle analiz etmektir. Çalışma kapsamında yüksek kripto ticaret hacmine sahip ilk 20 ülkenin 2007-2021 dönem verilerini kullanarak yol analizi gerçekleştirmiştir. Çalışmada kullanılan değişkenler arasındaki ilişkileri incelemek için bir model önerisi sunulmuş ve gerekli analizler gerçekleştirilmiştir. Analiz sonuçları, kripto ticaret hacminin karbon emisyonları üzerinde pozitif ve anlamlı bir etkiye sahip olduğunu göstermektedir. Ayrıca uluslararası ticaretin ve enerji kullanımının kripto ticareti ve karbon emisyonları arasındaki ilişkide aracılık ettiği sonucuna ulaşılmıştır. Kripto madencilik faaliyetlerinin ve kripto para birimlerinin, enerji kullanımı ve çevresel etkilerin artmasına yol açtığı görülmektedir. Bu noktada ülkelerin yenilenebilir enerji kaynaklarına geçiş yapması, kripto para madenciliği faaliyetlerinin karbon emisyonları üzerindeki etkisinin düzenli olarak raporlanması ve izlenmesi önem arz etmektedir.

Anahtar Kelimeler

Kripto Ticareti, Karbon Emisyonları, Uluslararası Ticaret, Enerji Kullanımı, Yol Analizi

Kaynakça

• Al Sadawi, A., Madani, B., Saboor, S., Ndiaye, M. and Abu-Lebdeh, G. (2021). A Comprehensive Hierarchical Blockchain System for Carbon Emission Trading Utilizing Blockchain of Things and Smart Contract. Technological Forecasting and Social Change, 173, 121124.
• Ali, M. U., Gong, Z. M., Ali, M. U., Wu, X. and Yao, C. (2021). Fossil Energy Consumption, Economic Development, inward FDI impact on CO2 Emissions in Pakistan: Testing EKC Hypothesis Through ARDL Model. International Journal of Finance & Economics, 26(3), 3210–3221.
• Alqaralleh, H. (2021). On the Nexus of CO2 Emissions and Renewable and Nonrenewable Energy Consumption in Europe: A New Insight from Panel Smooth Transition. Energy & Environment, 32(3), 443–457
• Anandhabalaji, V., Babu, M. and Brintha, R. (2024). Energy Consumption by Cryptocurrency: A Bibliometric Analysis Revealing Research Trends and Insights. Energy Nexus, 100274.
• Awodumi, O. B. and Adewuyi, A. O. (2020). The Role of Non-Renewable Energy Consumption in Economic Growth and Carbon Emission: Evidence from Oil Producing Economies in Africa. Energy Strategy Reviews, 27, 100434.
• Bernard, J. and Mandal, S. K. (2016). The Impact of Trade Openness on Environmental Quality: An Empirical Analysis of Emerging and Developing Economies. WIT Transactions on Ecology and the Environment, 203, 195-208.
• Bouraoui, T. (2020). The Drivers of Bitcoin Trading Volume in Selected Emerging Countries. The Quarterly Review of Economics and Finance, 76, 218-229.
• Byrne, B. M. (2001). Structural Equation Modeling with AMOS, EQS, And LISREL: Comparative Approaches to Testing for The Factorial Validity of A Measuring Instrument. International journal of testing, 1(1), 55-86.
• Crystal Blockchain (2023). Crystal Blockchain’s Year in Review 2021, https://crystalintelligence .com/, (accessed 18 December 2023).
• Dash, G. and Paul, J. (2021). CB-SEM vs PLS-SEM Methods for Research in Social Sciences and Technology Forecasting. Technological Forecasting and Social Change, 173, 121092.
• Esso, L. J. and Keho, Y. (2016). Energy Consumption, Economic Growth and Carbon Emissions: Cointegration and Causality Evidence from Selected African Countries. Energy, 114, 492-497.
• Fang, F., Ventre, C., Basios, M., Kanthan, L., Martinez-Rego, D., Wu, F. and Li, L. (2022). Cryptocurrency Trading: A Comprehensive Survey. Financial Innovation, 8(1), 1-59.
• Farouk, A., Alahmadi, A., Ghose, S., & Mashatan, A. (2020). Blockchain Platform for Industrial Healthcare: Vision and Future Opportunities. Computer Communications, 154, 223-235.
• Fatima, T., Shahzad, U. and Cui, L. (2021). Renewable and Nonrenewable Energy Consumption, Trade and CO2 Emissions in High Emitter Countries: Does The Income Level Matter?. Journal of Environmental Planning and Management, 64(7), 1227-1251.
• Gallersdörfer, U., Klaaßen, L. and Stoll, C. (2020). Energy Consumption of Cryptocurrencies Beyond Bitcoin. Joule, 4(9), 1843-1846.
• Gasimli, O., Haq, I. U., Naradda Gamage, S. K., Shihadeh, F., Rajapakshe, P. S. K. and Shafiq, M. (2019). Energy, Trade, Urbanization and Environmental Degradation Nexus in Sri Lanka: Bounds Testing Approach. Energies, 12(9), 1655.
• Hong, H. and Zhang, C. (2023). Bitcoin Trading, Economic Growth, Energy Use, and CO2 Emissions: An Advanced Panel Study of Emerging Market Economies. International Review of Economics & Finance, 87, 519-531.
• Khan, H., Weili, L., Khan, I. and Khamphengxay, S. (2021). Renewable Energy Consumption, Trade Openness, and Environmental Degradation: A Panel Data Analysis of Developing and Developed Countries. Mathematical Problems in Engineering, 2021, 1-13.
• Khan, Z., Ali, S., Umar, M., Kirikkaleli, D. and Jiao, Z. (2020). Consumption-Based Carbon Emissions and International Trade in G7 Countries: The Role of Environmental Innovation and Renewable Energy. Science of the Total Environment, 730, 138945.
• Koçak, E. and Uçan, O. (2023). Kripto Para Ticaretinin Çevre Kirliliği Üzerine Etkileri: Panel Veri Analizi. Journal of Politics Economy and Management, 6(2), 95-107.
• Krause, M. J. And Tolaymat, T. (2018). Quantification of Energy and Carbon Costs for Mining Cryptocurrencies. Nature Sustainability, 1(11), 711-718.
• Lee, C. C., Zhang, J. and Hou, S. (2023). The impact of Reginal Renewable Energy Development on Environmental Sustainability in China. Resources Policy, 80, 103245.
• Ling, T. Y., Ab-Rahim, R. and Mohd-Kamal, K. A. (2020). Trade Openness and Environmental Degradation in Asean-5 Countries. International Journal of Academic Research in Business and Social Sciences, 10(2), 691-707.
• Liu, H., Wong, W. K., Cong, P. T., Nassani, A. A., Haffar, M. and Abu-Rumman, A. (2023). Linkage Among Urbanization, Energy Consumption, Economic Growth and Carbon Emissions. Panel Data Analysis for China Using ARDL Model. Fuel, 332, 126122.
• Liu, J., Yi, Y. and Wang, X. (2020). Exploring Factors Influencing Construction Waste Reduction: A Structural Equation Modeling Approach. Journal of Cleaner Production, 276, 123185.
• Marmora, P. (2021). Currency Substitution in The Shadow Economy: International Panel Evidence Using Local Bitcoin Trade Volume. Economics Letters, 205, 109926.
• Mehboob, M. Y., Ma, B., Sadiq, M. and Zhang, Y. (2024). Does Nuclear Energy Reduce Consumption-Based Carbon Emissions: The Role of Environmental Taxes and Trade Globalization in Highest Carbon Emitting Countries. Nuclear Engineering and Technology, 56(1), 180-188.
• Meunier, S. (2018). Blockchain 101: What is Blockchain And How Does This Revolutionary Technology Work?. In Transforming climate finance and green investment with Blockchains, 23-34. Academic Press.
• Mia, M. M., Majri, Y. and Rahman, I. K. A. (2019). Covariance Based-Structural Equation Modeling (CB-SEM) Using AMOS in Management Research. Journal of Business and Management, 21(1), 56-61.
• Miśkiewicz, R., Matan, K. and Karnowski, J. (2022). The Role of Crypto Trading in The Economy, Renewable Energy Consumption and Ecological Degradation. Energies, 15(10), 3805.
• Mohsin, M., Naseem, S., Zia‐ur‐Rehman, M., Baig, S. A. and Salamat, S. (2023). The Crypto‐Trade Volume, GDP, Energy Use, and Environmental Degradation Sustainability: An Analysis of The Top 20 Crypto‐Trader Countries. International Journal of Finance & Economics, 28(1), 651-667.
• Morkunas, V. J., Paschen, J. and Boon, E. (2019). How Blockchain Technologies Impact Your Business Model. Business Horizons, 62(3), 295-306.
• Muhammad, S., Long, X., Salman, M. and Dauda, L. (2020). Effect of Urbanization and International Trade on CO2 Emissions Across 65 Belt And Road İnitiative Countries. Energy, 196, 117102.
• Nakamoto, S. (2008). Bitcoin: A Peer-to-Peer Electronic Cash System. Decentralized business review.
• Namasudra, S., Deka, G. C., Johri, P., Hosseinpour, M. and Gandomi, A. H. (2021). The Revolution of Blockchain: State-of-the-art and Research Challenges. Archives of Computational Methods in Engineering, 28, 1497-1515.
• Nathaniel, S. P., Murshed, M. and Bassim, M. (2021). The Nexus between Economic Growth, Energy Use, International Trade and Ecological Footprints: The Role Of Environmental Regulations in N11 Countries. Energy, Ecology and Environment, 6(6), 496-512.
• Oğuz, S. (2024). The Link Between Trade Openness, Economic Growth, Energy Use and Carbon Emissions: Analysis with a Conceptual Model Proposal. Sosyoekonomi, 32(60), 181-195.
• Our World in Data (2023). Data Explorers, https://ourworldindata.org/, (accessed 30 December 2023).
• Schinckus, C., Canh, N. P. and Ling, C. H. (2020). Crypto-currencies Trading and Energy Consumption. International Journal of Energy Economics and Policy, 10(3), 355-364.
• Shadfar, S. and Malekmohammadi, I. (2013). Application of Structural Equation Modeling (SEM) in Restructuring State İntervention Strategies Toward Paddy Production Development. International Journal of Academic Research in Business and Social Sciences, 3(12), 576.
• Shah, W. U. H., Hao, G., Yan, H., Zhu, N., Yasmeen, R. and Dincă, G. (2023). Role of Renewable, Non-Renewable Energy Consumption and Carbon Emission in Energy Efficiency and Productivity Change: Evidence from G20 Economies. Geoscience Frontiers, 101631.
• Song, S., Zhang, L. and Ma, Y. (2023). Evaluating the impacts of Technological Progress on Agricultural Energy Consumption and Carbon Emissions Based on Multi-Scenario Analysis. Environmental Science and Pollution Research, 30(6), 16673-16686.
• Sousa, V. and Bogas, J. A. (2021). Comparison of Energy Consumption and Carbon Emissions from Clinker and Recycled Cement Production. Journal of cleaner production, 306, 127277.
• Stone, B. M. (2021). The Ethical use of Fit İndices in Structural Equation Modeling: Recommendations for Psychologists. Frontiers in psychology, 12, 783226.
• Truby, J. (2018). Using Bitcoin Technology to Combat Climate Change. Nat. Middle East, 19.
• Waheed, R., Sarwar, S. and Wei, C. (2019). The Survey Of Economic Growth, Energy Consumption and Carbon Emission. Energy Reports, 5, 1103-1115.
• World Bank (2023). World Bank Open Data, https://data.worldbank.org/, (accessed 30 December 2023).
• Zaini, B. J., Yusof, Z. M., Mansor, R., Zainuddin, N., Adlee, N. F. K. and Ahmad, H. N. L. (2020). Constructing Motivation for Sports Activities among College Students Using CB-SEM Path Model. European Journal of Molecular & Clinical Medicine, 7, 2299-2313.
• Zhang, X. P. and Cheng, X. M. (2009). Energy Consumption, Carbon Emissions, and Economic Growth in China. Ecological economics, 68(10), 2706-2712.

ANALYSIS OF THE IMPACT OF CRYPTO TRADING ON CARBON EMISSIONS USING PATH ANALYSIS

Yıl 2024, Sayı: 44, 113 – 124, 07.08.2024

Suzan Oğuz

https://doi.org/10.18092/ulikidince.1441825

Öz

In parallel with the growing interest in cryptocurrencies, the relationship between crypto trading and CO2 is critical to drive financial markets and environmental sustainability efforts. The aim of this study is to analyse the impact of crypto trading on carbon emissions (CO2) through the mediating roles of international trade and energy use. Within the scope of the study, path analysis was carried out using the 2007-2021 period data of the top 20 countries with high crypto trade volume. A model proposal was presented to examine the relationships between the variables used in the study and the necessary analyses were carried out. The results of the analysis show that crypto trade volume has a positive and significant effect on carbon emissions. It is also concluded that international trade and energy use mediate the relationship between crypto trade and carbon emissions. It is seen that crypto mining activities and cryptocurrencies lead to an increase in energy use and environmental impacts. At this point, it is important for countries to switch to renewable energy sources and to regularly report and monitor the impact of cryptocurrency mining activities on carbon emissions.

Anahtar Kelimeler

Crypto Trading, Carbon Emissions, International Trade, Energy Use, Path Analysis

Kaynakça

• Al Sadawi, A., Madani, B., Saboor, S., Ndiaye, M. and Abu-Lebdeh, G. (2021). A Comprehensive Hierarchical Blockchain System for Carbon Emission Trading Utilizing Blockchain of Things and Smart Contract. Technological Forecasting and Social Change, 173, 121124.
• Ali, M. U., Gong, Z. M., Ali, M. U., Wu, X. and Yao, C. (2021). Fossil Energy Consumption, Economic Development, inward FDI impact on CO2 Emissions in Pakistan: Testing EKC Hypothesis Through ARDL Model. International Journal of Finance & Economics, 26(3), 3210–3221.
• Alqaralleh, H. (2021). On the Nexus of CO2 Emissions and Renewable and Nonrenewable Energy Consumption in Europe: A New Insight from Panel Smooth Transition. Energy & Environment, 32(3), 443–457
• Anandhabalaji, V., Babu, M. and Brintha, R. (2024). Energy Consumption by Cryptocurrency: A Bibliometric Analysis Revealing Research Trends and Insights. Energy Nexus, 100274.
• Awodumi, O. B. and Adewuyi, A. O. (2020). The Role of Non-Renewable Energy Consumption in Economic Growth and Carbon Emission: Evidence from Oil Producing Economies in Africa. Energy Strategy Reviews, 27, 100434.
• Bernard, J. and Mandal, S. K. (2016). The Impact of Trade Openness on Environmental Quality: An Empirical Analysis of Emerging and Developing Economies. WIT Transactions on Ecology and the Environment, 203, 195-208.
• Bouraoui, T. (2020). The Drivers of Bitcoin Trading Volume in Selected Emerging Countries. The Quarterly Review of Economics and Finance, 76, 218-229.
• Byrne, B. M. (2001). Structural Equation Modeling with AMOS, EQS, And LISREL: Comparative Approaches to Testing for The Factorial Validity of A Measuring Instrument. International journal of testing, 1(1), 55-86.
• Crystal Blockchain (2023). Crystal Blockchain’s Year in Review 2021, https://crystalintelligence .com/, (accessed 18 December 2023).
• Dash, G. and Paul, J. (2021). CB-SEM vs PLS-SEM Methods for Research in Social Sciences and Technology Forecasting. Technological Forecasting and Social Change, 173, 121092.
• Esso, L. J. and Keho, Y. (2016). Energy Consumption, Economic Growth and Carbon Emissions: Cointegration and Causality Evidence from Selected African Countries. Energy, 114, 492-497.
• Fang, F., Ventre, C., Basios, M., Kanthan, L., Martinez-Rego, D., Wu, F. and Li, L. (2022). Cryptocurrency Trading: A Comprehensive Survey. Financial Innovation, 8(1), 1-59.
• Farouk, A., Alahmadi, A., Ghose, S., & Mashatan, A. (2020). Blockchain Platform for Industrial Healthcare: Vision and Future Opportunities. Computer Communications, 154, 223-235.
• Fatima, T., Shahzad, U. and Cui, L. (2021). Renewable and Nonrenewable Energy Consumption, Trade and CO2 Emissions in High Emitter Countries: Does The Income Level Matter?. Journal of Environmental Planning and Management, 64(7), 1227-1251.
• Gallersdörfer, U., Klaaßen, L. and Stoll, C. (2020). Energy Consumption of Cryptocurrencies Beyond Bitcoin. Joule, 4(9), 1843-1846.
• Gasimli, O., Haq, I. U., Naradda Gamage, S. K., Shihadeh, F., Rajapakshe, P. S. K. and Shafiq, M. (2019). Energy, Trade, Urbanization and Environmental Degradation Nexus in Sri Lanka: Bounds Testing Approach. Energies, 12(9), 1655.
• Hong, H. and Zhang, C. (2023). Bitcoin Trading, Economic Growth, Energy Use, and CO2 Emissions: An Advanced Panel Study of Emerging Market Economies. International Review of Economics & Finance, 87, 519-531.
• Khan, H., Weili, L., Khan, I. and Khamphengxay, S. (2021). Renewable Energy Consumption, Trade Openness, and Environmental Degradation: A Panel Data Analysis of Developing and Developed Countries. Mathematical Problems in Engineering, 2021, 1-13.
• Khan, Z., Ali, S., Umar, M., Kirikkaleli, D. and Jiao, Z. (2020). Consumption-Based Carbon Emissions and International Trade in G7 Countries: The Role of Environmental Innovation and Renewable Energy. Science of the Total Environment, 730, 138945.
• Koçak, E. and Uçan, O. (2023). Kripto Para Ticaretinin Çevre Kirliliği Üzerine Etkileri: Panel Veri Analizi. Journal of Politics Economy and Management, 6(2), 95-107.
• Krause, M. J. And Tolaymat, T. (2018). Quantification of Energy and Carbon Costs for Mining Cryptocurrencies. Nature Sustainability, 1(11), 711-718.
• Lee, C. C., Zhang, J. and Hou, S. (2023). The impact of Reginal Renewable Energy Development on Environmental Sustainability in China. Resources Policy, 80, 103245.
• Ling, T. Y., Ab-Rahim, R. and Mohd-Kamal, K. A. (2020). Trade Openness and Environmental Degradation in Asean-5 Countries. International Journal of Academic Research in Business and Social Sciences, 10(2), 691-707.
• Liu, H., Wong, W. K., Cong, P. T., Nassani, A. A., Haffar, M. and Abu-Rumman, A. (2023). Linkage Among Urbanization, Energy Consumption, Economic Growth and Carbon Emissions. Panel Data Analysis for China Using ARDL Model. Fuel, 332, 126122.
• Liu, J., Yi, Y. and Wang, X. (2020). Exploring Factors Influencing Construction Waste Reduction: A Structural Equation Modeling Approach. Journal of Cleaner Production, 276, 123185.
• Marmora, P. (2021). Currency Substitution in The Shadow Economy: International Panel Evidence Using Local Bitcoin Trade Volume. Economics Letters, 205, 109926.
• Mehboob, M. Y., Ma, B., Sadiq, M. and Zhang, Y. (2024). Does Nuclear Energy Reduce Consumption-Based Carbon Emissions: The Role of Environmental Taxes and Trade Globalization in Highest Carbon Emitting Countries. Nuclear Engineering and Technology, 56(1), 180-188.
• Meunier, S. (2018). Blockchain 101: What is Blockchain And How Does This Revolutionary Technology Work?. In Transforming climate finance and green investment with Blockchains, 23-34. Academic Press.
• Mia, M. M., Majri, Y. and Rahman, I. K. A. (2019). Covariance Based-Structural Equation Modeling (CB-SEM) Using AMOS in Management Research. Journal of Business and Management, 21(1), 56-61.
• Miśkiewicz, R., Matan, K. and Karnowski, J. (2022). The Role of Crypto Trading in The Economy, Renewable Energy Consumption and Ecological Degradation. Energies, 15(10), 3805.
• Mohsin, M., Naseem, S., Zia‐ur‐Rehman, M., Baig, S. A. and Salamat, S. (2023). The Crypto‐Trade Volume, GDP, Energy Use, and Environmental Degradation Sustainability: An Analysis of The Top 20 Crypto‐Trader Countries. International Journal of Finance & Economics, 28(1), 651-667.
• Morkunas, V. J., Paschen, J. and Boon, E. (2019). How Blockchain Technologies Impact Your Business Model. Business Horizons, 62(3), 295-306.
• Muhammad, S., Long, X., Salman, M. and Dauda, L. (2020). Effect of Urbanization and International Trade on CO2 Emissions Across 65 Belt And Road İnitiative Countries. Energy, 196, 117102.
• Nakamoto, S. (2008). Bitcoin: A Peer-to-Peer Electronic Cash System. Decentralized business review.
• Namasudra, S., Deka, G. C., Johri, P., Hosseinpour, M. and Gandomi, A. H. (2021). The Revolution of Blockchain: State-of-the-art and Research Challenges. Archives of Computational Methods in Engineering, 28, 1497-1515.
• Nathaniel, S. P., Murshed, M. and Bassim, M. (2021). The Nexus between Economic Growth, Energy Use, International Trade and Ecological Footprints: The Role Of Environmental Regulations in N11 Countries. Energy, Ecology and Environment, 6(6), 496-512.
• Oğuz, S. (2024). The Link Between Trade Openness, Economic Growth, Energy Use and Carbon Emissions: Analysis with a Conceptual Model Proposal. Sosyoekonomi, 32(60), 181-195.
• Our World in Data (2023). Data Explorers, https://ourworldindata.org/, (accessed 30 December 2023).
• Schinckus, C., Canh, N. P. and Ling, C. H. (2020). Crypto-currencies Trading and Energy Consumption. International Journal of Energy Economics and Policy, 10(3), 355-364.
• Shadfar, S. and Malekmohammadi, I. (2013). Application of Structural Equation Modeling (SEM) in Restructuring State İntervention Strategies Toward Paddy Production Development. International Journal of Academic Research in Business and Social Sciences, 3(12), 576.
• Shah, W. U. H., Hao, G., Yan, H., Zhu, N., Yasmeen, R. and Dincă, G. (2023). Role of Renewable, Non-Renewable Energy Consumption and Carbon Emission in Energy Efficiency and Productivity Change: Evidence from G20 Economies. Geoscience Frontiers, 101631.
• Song, S., Zhang, L. and Ma, Y. (2023). Evaluating the impacts of Technological Progress on Agricultural Energy Consumption and Carbon Emissions Based on Multi-Scenario Analysis. Environmental Science and Pollution Research, 30(6), 16673-16686.
• Sousa, V. and Bogas, J. A. (2021). Comparison of Energy Consumption and Carbon Emissions from Clinker and Recycled Cement Production. Journal of cleaner production, 306, 127277.
• Stone, B. M. (2021). The Ethical use of Fit İndices in Structural Equation Modeling: Recommendations for Psychologists. Frontiers in psychology, 12, 783226.
• Truby, J. (2018). Using Bitcoin Technology to Combat Climate Change. Nat. Middle East, 19.
• Waheed, R., Sarwar, S. and Wei, C. (2019). The Survey Of Economic Growth, Energy Consumption and Carbon Emission. Energy Reports, 5, 1103-1115.
• World Bank (2023). World Bank Open Data, https://data.worldbank.org/, (accessed 30 December 2023).
• Zaini, B. J., Yusof, Z. M., Mansor, R., Zainuddin, N., Adlee, N. F. K. and Ahmad, H. N. L. (2020). Constructing Motivation for Sports Activities among College Students Using CB-SEM Path Model. European Journal of Molecular & Clinical Medicine, 7, 2299-2313.
• Zhang, X. P. and Cheng, X. M. (2009). Energy Consumption, Carbon Emissions, and Economic Growth in China. Ecological economics, 68(10), 2706-2712.

Toplam 49 adet kaynakça vardır.

Ayrıntılar

Kaynak Göster

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