Akademik Veri Yönetim Sistemi
Environmental Science Advances, cilt.5, ss.239-256, 2026 (ESCI, Scopus)
This study examines the environmental impact of blockchain technology operating under the Proof-of-
Work (PoW) algorithm, with a focus on Bitcoin's (BTC) carbon footprint. Utilizing a comprehensive
dataset comprising 2895 daily observations from 2014 to 2021, we analyze key mining-related
variables—miner efficiency, miner revenues, total BTC mined, mining difficulty, and hash rate—through
the application of a Bayesian Vector Autoregression (BVAR) model to evaluate their effects on CO2
emissions over time. The primary objective is to identify the main determinants influencing BTC's carbon
footprint within the current mining landscape. Our results indicate that BTC CO2 emissions and mining
difficulty are the most significant factors affecting carbon emissions. As mining difficulty increases—
typically due to the entry of more miners and the deployment of more powerful hardware—profit
margins decrease. High-cost, energy-intensive rigs may temporarily cease operations, leading to
a reduction in output and a shift towards more efficient equipment. These findings reinforce and expand
upon previous research by elucidating both the causal and time-varying dynamics of mining in relation
to environmental outcomes. The results underscore the necessity for policies and industry practices that
promote the adoption of more energy-efficient mining hardware and encourage the use of renewable
energy sources in cryptocurrency mining. Supporting technological innovation and sustainable energy
integration is essential for mitigating the environmental footprint associated with PoW-based blockchain
systems such as BTC.