The impact of the oil price on mineable and non-mineable cryptocurrencies

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dc.contributor.authorUnal, Emre
dc.contributor.authorKose, Nezir
dc.date.accessioned2024-03-13T10:35:30Z
dc.date.available2024-03-13T10:35:30Z
dc.date.issued2023
dc.departmentİstanbul Beykent Üniversitesien_US
dc.description.abstractThe digital world has become an inevitable part of daily life. With cryptocurrencies, a new investment opportunity has emerged around the globe. Extending digital life increases the energy demand. These new assets consume a considerable amount of energy resources. The mining process in particular can be significantly affected by energy prices. The purpose of this work is to reveal the impact of the oil price on mineable and non-mineable cryptocurrencies which would provide insight for policymakers, investors, miners, and portfolio managers. This research utilized a panel cointegration model and panel Granger causality tests to the daily data collected between May 11, 2021 and June 23, 2022. 15 mineable and 19 non-mineable cryptocurrencies were selected for the study. Other variables include the oil price, the VIX, and the gold price. The research indicated that there is a negative correlation between the oil price and cryptocurrencies. The VIX had a negative effect in the short term, whereas the gold price had a positive and significant correlation in the long term. The impact of the oil price on mineable cryptocurrencies was larger than that on non-mineable cryptocurrencies. This means that alternative energy resources are essential to reduce the dependency of cryptocurrencies on this type of fossil fuel.en_US
dc.identifier.doi10.1080/15567249.2023.2266692
dc.identifier.issn1556-7249
dc.identifier.issn1556-7257
dc.identifier.issue1en_US
dc.identifier.scopusqualityQ1en_US
dc.identifier.urihttps://doi.org/10.1080/15567249.2023.2266692
dc.identifier.urihttps://hdl.handle.net/20.500.12662/4438
dc.identifier.volume18en_US
dc.identifier.wosWOS:001081825100001en_US
dc.identifier.wosqualityN/Aen_US
dc.indekslendigikaynakWeb of Scienceen_US
dc.indekslendigikaynakScopusen_US
dc.language.isoenen_US
dc.publisherTaylor & Francis Incen_US
dc.relation.ispartofEnergy Sources Part B-Economics Planning And Policyen_US
dc.relation.publicationcategoryMakale - Uluslararası Hakemli Dergi - Kurum Öğretim Elemanıen_US
dc.rightsinfo:eu-repo/semantics/closedAccessen_US
dc.subjectCryptocurrencyen_US
dc.subjectmineable and non-mineableen_US
dc.subjectpanel granger causality testen_US
dc.subjectoil priceen_US
dc.subjectVIXen_US
dc.titleThe impact of the oil price on mineable and non-mineable cryptocurrenciesen_US
dc.typeArticleen_US

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