Do Investors in Dirty and Clean Cryptocurrencies Care About Energy Efficiency in the Same Way?
This paper examines whether cryptocurrency investors are environmentally aware. We focus on major proof-of-work (dirty) and proof-of-stake (clean) cryptocurrencies. Within the NARDL model, we verify whether short- or long-run dependency exists between coins’ prices or volatility and the Index of Cryptocurrency Environmental Attention, ICEA. We find that reactions of dirty and clean coins to changes in the ICEA are similar and more evident in the long run than in the short one. Coins respond more to the decrease of the index than to its increase. Changes do not influence Brent oil and CELS clean energy index.
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