外部性
激励
损害赔偿
经济
自然资源经济学
生产(经济)
利用
煤
碳价格
社会成本
化石燃料
排放交易
微观经济学
温室气体
货币经济学
生态学
废物管理
计算机安全
政治学
计算机科学
法学
生物
工程类
作者
Anna Papp,Douglas Almond,Shuang Zhang
标识
DOI:10.1016/j.jpubeco.2023.105003
摘要
Environmental externalities from cryptomining may be large, but have not been linked causally to mining incentives. We exploit daily variation in Bitcoin price as a natural experiment for an 86 megawatt waste coal-fired power plant with on-site cryptomining. We find that carbon emissions respond swiftly to mining incentives, with price elasticities of 0.69–0.71 in the short-run and 0.33–0.40 in the longer run. A $1 increase in Bitcoin price leads to $3.11–$6.79 in external damages from carbon emissions alone, well exceeding cryptomining's value added (using a $190 social cost of carbon, but ignoring increased local air pollution). As cryptomining requires ever more computing power to mine a given number of blocks, our study highlights both the revitalization of US fossil assets and the need for financial industry accounting to incorporate cryptomining externalities.
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