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Financial Innovation

Table 6 The causal effect between price and hashrate

From: The transaction behavior of cryptocurrency and electricity consumption

Dependent variable

Short run

Long run

ΔPrice

ΔHashrate

λ

λ/ΔPrice

λ/ΔHashrate

Full sample

     

 ΔPrice

 

1.86

− 0.001

 

1.25

 ΔHashrate

104.95***

 

0.001**

72.31***

 

Before 2017/12/17

     

 ΔPrice

 

0.95

0.00001

 

0.63

 ΔHashrate

91.32***

 

0.0005**

63.22***

 

After 2017/12/17

     

 ΔPrice

 

2.21

− 0.00004

 

1.50

 ΔHashrate

14.03***

 

0.00003

9.37***

 
  1. *, ** and *** show significance at the 10%, 5% and 1% levels, respectively
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