Investigation of the Effect of Bitcoin Energy Consumption on Bitcoin Prices with RALS Approach

Abstract

This study aims to analyze the impact of Bitcoin energy consumption and Bitcoin hash rate on Bitcoin prices. Between 10.02.2017 and 31.10.2024, Engle-Granger and RALS-Engle-Granger cointegration tests were applied using daily data. According to the EG test, there is no long-run relationship between the variables. However, the RALS-EG test shows that there is a long-run relationship. The long-run coefficients of the variables were determined using the FMOLS, DOLS, and CCR tests, and the results were quite close. According to these methods, a 1% increase in bitcoin energy consumption leads to an increase in bitcoin prices of around 0.10%. A 1% increase in bitcoin hash rates leads to an increase in bitcoin prices of approximately 6.5%.

Keywords

• RALS-ADF unit root test
• RALS-EG cointegration test
• coefficient estimation
• Bitcoin energy consumption
• Bitcoin prices

RALS Yaklaşımı ile Bitcoin Enerji Tüketiminin Bitcoin Fiyatlarına Etkisinin İncelenmesi

Abstract

Bu çalışma, Bitcoin enerji tüketimi ve Bitcoin hash oranının Bitcoin fiyatları üzerindeki etkilerini analiz etmeyi amaçlamaktadır. 10.02.2017 ile 31.10.2024 tarihleri arasındaki günlük veriler kullanılarak Engle-Granger ve RALS-Engle-Granger eşbütünleşme testleri uygulanmıştır. EG testine göre değişkenler arasında uzun dönemli bir ilişki olmadığı tespit edilmiştir. Ancak RALS-EG testi, uzun dönemli bir ilişki olduğunu göstermiştir. FMOLS, DOLS ve CCR testleriyle değişkenlerin uzun dönem katsayıları belirlenmiş ve sonuçların birbirine oldukça yakın olduğu görülmüştür. Bu yöntemlere göre, Bitcoin enerji tüketimindeki %1’lik artış, Bitcoin fiyatlarında yaklaşık %0,10’luk bir artışa yol açmaktadır. Bitcoin hash oranlarındaki %1’lik artış ise Bitcoin fiyatlarında yaklaşık %6.5’lik bir artışa yol açmaktadır.

Keywords

• RALS-ADF birim kök testi
• RALS-EG eşbütünleşme testi
• katsayı tahmini
• Bitcoin enerji tüketimi
• Bitcoin fiyatları

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