AN ANALYSIS OF THE CAUSALITY RELATIONSHIP BETWEEN BITCOIN ELECTRICITY CONSUMPTION, PRICE AND VOLUME

Öz

Bu çalışma fiyat ve işlem hacmi açısından kripto para piyasasının en önemli enstrümanı olan Bitcoin’in elektrik tüketimi ile fiyatı ve işlem hacmi arasındaki nedensellik ilişkisini analiz etmeyi amaçlamaktadır. Çalışmada Bitcoin elektrik tüketimi değişkeni Cambridge Bitcoin Elektrik Tüketim Endeksi ile temsil edilmektedir. Araştırmada Şubat 2017 ile Şubat 2021 tarihleri arasındaki 1446 günlük veri seti kullanılmıştır. Değişkenler arasındaki nedensellik ilişkisi Hatemi-J (2012) ve Toda Yamamoto (1995) testleri kullanılarak analiz edilmiştir. Ayrıca bu çalışma, Schinckus vd. (2020) tarafından yapılan çalışma ile birlikte Bitcoin elektrik tüketimi ile işlem hacmi asrasındaki ilişkiyi inceleyen ender çalışmalardan biridir. Bu çalışmanın sonuçlarına göre Bitcoin elektrik tüketimindeki düşüş Bitcoin fiyatında düşüşe neden olmaktadır. Ancak bu çalışmada Schinckus vd. (2020) tarafından yapılan çalışmaya benzer olarak zayıf ama negatif bir ilişki tespit edilmiştir.

Anahtar Kelimeler

• Bitcoin Elektrik Tüketimi
• Bitcoin Fiyatı ve İşlem Hacmi
• Asimetrik Nedensellik
• Hatemi-J
• Toda Yamamoto.

AN ANALYSIS OF THE CAUSALITY RELATIONSHIP BETWEEN BITCOIN ELECTRICITY CONSUMPTION, PRICE AND VOLUME

Öz

This study aims to analyze the causal relationship between electricity consumption, price and transaction volume of Bitcoin, which is the most important asset of the crypto money market in terms of both market capitalization and transaction volume. In this study, the Bitcoin electricity consumption variable is represented by Cambridge Bitcoin Electricity Consumption Index. As the data set, 1446 days of data between February 2017 and February 2021 were used. The causality relationship between the variables is analyzed using the Hatemi-J (2012) and Toda Yamamoto (1995) tests. In addition, this study is a rare study that examines the relationship between electricity and volume, together with the work done by Schinckus et al. (2020). According to the results of this study, the decrease in Bitcoin electricity consumption causes a decrease in the Bitcoin price. However, a negative relationship is detected Bitcoin electricity consumption and Bitcoin trade volume in this study, like the study by Schinckus et al. (2020), the relationship was found to be very weak.

Anahtar Kelimeler

• Bitcoin Electricity Consumption
• Bitcoin Price and Bitcoin Trade Volume
• Asymmetric Causality
• Hatemi-J
• Toda Yamamoto

Kaynakça

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