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Because of global warming, problems such as climate change and the destruction of natural resources have reached such a level that individuals, institutions, and states cannot remain indifferent. At this point, taking only technical measures are not sufficient and it is necessary to use sustainable methods in all areas of life. In this context, financial systems have also become sensitive to environmental awareness by following environmentally friendly policies and developing sustainable products. It has been included in the environmentally friendly approaches that are maintained globally. This study examined environmentally friendly cryptocurrencies with a very recent history, a limited number of trades, and the seven most valuable classical cryptocurrencies listed on the crypto money exchange between July 2019 and April 2022. As a result, a statistically significant and strong correlation was found between the values of the two groups of cryptocurrencies. In this case, it has been concluded that investors use the investment reflexes acquired in classical cryptocurrencies in their approach to environmentally friendly cryptocurrencies, which are a relatively new investment tool. In addition, environmentally-friendly crypto money users and investors will increasingly continue to be interested in these currencies. With the increase in such a demand, the crypto money used today will inevitably be energy and environment-friendly.
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American International Journal of Business Management (AIJBM)
ISSN- 2379-106X, Volume 5, Issue 07 (July-2022), PP 120-129
*Corresponding Author: Meltem Keskin1 120 | Page
Meltem Keskin
Department of International Trade and Logistics/ Ankara YıldırımBeyazıt University, Türkiye
ABSTRACT:Because of global warming, problems such as climate change and the destruction of natural
resources have reached such a level that individuals, institutions, and states cannot remain indifferent. At this
point, taking only technical measures are not sufficient and it is necessary to use sustainable methods in all
areas of life. In this context, financial systems have also become sensitive to environmental awareness by
following environmentally friendly policies and developing sustainable products. It has been included in the
environmentally friendly approaches that are maintained globally. This study examined environmentally
friendly cryptocurrencies with a very recent history, a limited number of trades, and the seven most valuable
classical cryptocurrencies listed on the crypto money exchange between July 2019 and April 2022. As a result, a
statistically significant and strong correlation was found between the values of the two groups of
cryptocurrencies. In this case, it has been concluded that investors use the investment reflexes acquired in
classical cryptocurrencies in their approach to environmentally friendly cryptocurrencies, which are a
relatively new investment tool. In addition, environmentally-friendly crypto money users and investors will
increasingly continue to be interested in these currencies. With the increase in such a demand, the crypto money
used today will inevitably be energy and environment-friendly.
KEYWORDS:Cryptocurrencies, environmentally friendly crypto currencies, green finance, sustainable finance
JEL Classification:E40, E42, E44, F36, G00, O3
Cryptocurrencies have entered human life as the invention of the twenty-first century. These coins are a
means of exchange that can be produced, bought, sold, and used for investment purposes [1]. The first
cryptocurrency used was Bitcoin. It is blockchain technology that enables the use of this money. Blockchain and
Bitcoin were first introduced to the literature by Nakamoto, who prepared the study called Bitcoin: A Peer-to-
Peer Electronic Cash System in 2008[2]. The technologies from which cryptocurrencies originate are advanced
technologies. One of these technologies is cryptocurrency mining. In this system, the ledger requires a large
amount of processing power for its secure algorithm and proof of work. This results in high electricity
consumption. The heat generated by cryptocurrency mining and the carbon emissions from high electricity
consumption from fossil fuels harms national and global eco-friendly efforts on the environment. In this
direction, various solutions are possible to reduce the damage to the environment during cryptocurrency mining.
All non-green cryptocurrencies, which are at the forefront of world crypto lists, especially Bitcoin and
Ethereum, use the proof-of-work (PoW) system. It seems inevitable that many cryptocurrencies will switch to an
energy-friendly system called proof-of-stake (PoS)[4], reducing energy consumption. Also, based on the
assumption that Bitcoin mining is inevitable, encouraging the equipment to be used in these efforts to be more
energy efficient will greatly reduce carbon emissions. Additionally, introducing an extra carbon tax for high-
energy consumers could help reduce the environmental cost.
When eco-friendly crypto users invest in green cryptocurrencies, their carbon emissions will continue
to decrease drastically. As the world turns its direction toward sustainable nature, it is inevitable that
cryptocurrencies will continue to turn greener in the same way.
Cardano (ADA), Holo (HOT), IOTA (MIOTA), Ripple (XRP), Signum (SIGNA), Stellar Lumens
(XLM), and TRON (TRX), which are currently traded in limited numbers, have been evaluated in the study.
Bitcoin (BTC), Ethereum (ETH), BNB (BNB), XRP (XRP), Dogecoin (DOGE), Wrapped Bitcoin (WBTC), and
Polygon (MATIC) cryptocurrencies with the highest transaction value in the markets and the aforementioned
environmentally friendly coins. A comparative evaluation was made. The study showed that the demand for
environmentally friendly cryptocurrencies with a very recent history is increasing.
Limitations of this study; The historical background of environmentally friendly cryptocurrencies is
quite recent. For this reason, the data between July 2019 and April 2022 could be examined as the common
intersection date range to examine the synchronous periods for environmental and classical cryptocurrencies.
*Corresponding Author: Meltem Keskin1 121 | Page
Studies in the literature are very limited, as environmentally friendly cryptocurrencies are traded in the
markets recently. Most of the studies in the literature are about the damage of cryptocurrencies to the
environment. One of the early examples of these studies is the study of Loviscach (2012). The study discusses
the negative effects of Bitcoin on the environment. Kane (2018) compared cryptocurrencies with other available
payment methods, including banknotes and debit cards. He emphasized that paper banknotes are more
environmentally friendly than cryptocurrencies because they are easy to recycle. He also stated that mining
cryptocurrencies is not environmentally friendly because it requires significant energy use.
In his study, Blinder (2019) stated that Bitcoin, Ethereum, and other cryptocurrencies require a large
amount of energy consumption. In addition, in 2018, blockchain consumed more energy than in 159 countries.
He also stated that this is a substantial environmental problem threatening the Paris climate change agreement.
While advocating the need for an urgent fix, he also emphasized the need for mining operations to provide
incentives to use solar or other green energy sources. Blinder also suggested that businesses using Blockchain
should switch to "Proof of Stake" systems to protect the ecological effects and provide energy reserves.
John et al. (2021) emphasized that with the bans imposed by the Chinese cabinet on Bitcoin mining, the
value of Bitcoin decreased by 30% in May 2021. In the same period, immediately after the ban, the USA linked
the increase in energy consumption related to crypto mining with the ban in China. However, the study also
stated a decrease in the shares related to the blockchain in this period.
Laurent (2021), emphasizing that cryptocurrencies cause more and more energy consumption to solve
their algorithms and that fossil fuels should be used in many parts of the world to provide this energy, pointed
out that in some countries, there are problems due to the excess energy spent for mining.
In her study, Sigalos (2021) emphasized the need to accurately read the carbon emissions of
cryptocurrencies, especially knowing the energy mix used to produce the electricity used by the Bitcoin mining
The study by Lobo (2022) and John et al. (2021) state that Bitcoin mining causes great costs and has
taken decisions to ban this mining in China. As a result, the energy consumption of the cryptocurrency is greatly
reduced. Following this ban, the United States also pointed out that there has been a serious increase in crypto-
related energy consumption, emphasizing the importance of cryptocurrencies becoming environmentally
friendly in the future.
Yeong et al (2022), used the survey method in their study on the sustainability of cryptocurrencies in
the case of Malaysia and estimated partial least squares structural equation modeling with the partial least square
structural equation modeling (PLS-SEM) (PLS-SEM) approach. As a result, it has been determined that
Malaysians are highly interested in cryptocurrency use.
Lahmiri, &Bekiros (2019) analyzed the prices, returns, volume, and volatility of Islamic and green
cryptocurrencies compared to traditional cryptocurrencies in their study. The study found that the price volatility
of Islamic and green cryptocurrencies is high compared to conventional cryptocurrencies. In addition, it was
stated in the study that green cryptos exhibit deeper and more stable price behavior compared to traditional
cryptos. Sori et al. (2020) emphasized in their study that one of the challenges with cryptocurrencies is high
energy consumption. The same study explained that this situation is not only a problem for Bitcoin but also for
other cryptocurrencies. IOTA energy consumption modeling and measurement of the IOTA control mechanism
(Proof-of-Work), which causes high energy consumption today, were made in the study. As a result, they
pointed out that cryptocurrencies should be greener.
Lacey (2021) pointed out in his study that the future of crypto money is open to technological
developments, and the prerequisite for this is that it must be environmentally friendly. He also stated that one
way to make traditional cryptocurrencies more environmental-friendly is for investors to invest in
environmentally friendly coins.
Mnif and Jarboui (2021) evaluated the efficiency of the Islamic, green and traditional cryptocurrency
market during the COVID-19 pandemic using the generalized Hurst exponent as an evaluation measurement of
fractality and employing the multifractal detrended fluctuation approach. As a result, they determined that there
is no herd behavior in the Islamic and green cryptocurrency markets.
Mnif et al. (2021) took the study data from the Google Trends search engine and Twitter application
between 2015 and 2020. To visualize investor attitudes towards BITG, normality (JarqueBera) and Kruskal-
Wallis rank-sum tests were applied in the study. As a result, they emphasized that users' use of BITG creates a
positive perception of a sustainable blockchain.
Pham et al. (2021) examined the time-varying spreads between cryptocurrencies, green and fossil fuel
investments using the TVP-VAR network connectivity model, and the diffusions between cryptocurrencies,
green and fossil fuel assets. They found that negative return spreads are greater than positive return spreads
among these assets and that asymmetric spreads are also present.
*Corresponding Author: Meltem Keskin1 122 | Page
Sori et al. (2021) emphasized that as a global technology in the future, cryptocurrencies should also
consider energy efficiency and sustainability issues for daily use. In the study, a model has been proposed in
terms of the energy consumption of Cryptocurrencies.
Badea and Mungiu-Pupӑzan (2021) examined the economic and environmental effects of Bitcoin in the
literature. They explained that despite Bitcoin's high energy consumption and negative environmental impact, it
remains an evaluated tool in the economy.
Pham et al. (2022), considering the period from 2017 to 2021, evaluated the daily closing prices of
green and non-green cryptocurrencies within the framework of quantitative correlation and found a strong
asymmetrical link. They found that it has a weak link to Bitcoin and Ethereum with green cryptocurrencies.
Ren and Lucey. (2022) examined traditional and environmentally friendly cryptocurrencies according
to their energy consumption levels, which are called "dirty" and "clean" energy indices. Statistical evidence of
the study; is that the use of clean energy makes a big difference. The study states that cryptocurrencies using
clean energy can be a safe haven for investors during periods of economic uncertainty.
There are many studies in the literature on cryptocurrencies and blockchain. These studies can be
divided into three groups. In the first group, there are blockchain and cryptocurrencies, in the second group,
specific cryptocurrencies, and in the last group, the legal dimension of cryptocurrencies and comparative
evaluations with economic values are included.
The first study to pioneer blockchain and cryptocurrency is the article by Nakamoto (2008). Some of
the other studies on this subject are as follows; King and Nadal, (2012), Grinberg (2012), Ahamad et al. (2013),
Doran, (2014), Guadamuz and Marsden (2015), Yıldırım (2015), Vigna and Casey, (2016), Tama et al. (2017),
Keskin and Köylü (2017), Vujičić et al (2018), Hassani et al. (2018), Fenwick and Vermeulen (2019), Isler et al.
(2019), Zhou et al. (2020), Baur and Hoang (2021), Frankenfield (2021), Bossler and Kroenung (2022), and
Halaburda et al. (2022).
Among the studies with specific cryptocurrencies; Suarez (2009), Elven (2011), Ortega (2012), King
(2013), Bohr, and Bashir (2014), Farell (2015), DeVries (2016), Chohan (2017), Keskin (2018), Fang, et al.
(2022) and Keskin (2022).
The legal dimension of cryptocurrencies and their comparative studies with economic values are
frequently found in the literature. Some of the studies conducted in this context are as follows: Güring and Grigg
(2011), Catalina and Florentin (2012), Dyhrberg (2015), Atik et al. (2015), Szetela et al. (2016), Décourt et al.
(2017), Li and Wang (2017), Oktar and Salihoğlu (2018), Bağcı and KöylüKeskin (2019), Limba et al. (2019),
Dere (2019), Dayanan (2021), Balcı&Çakır (2021), Atici et al. (2022) and Perez &Mazzuchelli (2022).
For the analysis of the study, the variables included in the analysis were created to cover the
environmental crypto coins with the highest market value and the classical crypto coins with the highest market
value for July 2019 and April 2022. The reason for choosing these dates is that environmental coins are
relatively new in global markets. The data showing the daily value change amounts of the most environmentally
friendly and classical cryptocurrencies used in this study were obtained from different sources. The sources
from which the data are provided are given in Table: 1 and Table: 2.
TABLE 1. Data source portals (Most valuable eco-friendly cryptocurrencies - USD$)
Cardano (ADA)
Holo (HOT)
Ripple (XRP)
Signum (SIGNA)
StellarLumens (XLM)
TABLE 2. Data source portals (Top cryptocurrencies - USD$)
Bitcoin BTC
Ethereum ETH
Dogecoin DOGE
WrappedBitcoin WBTC
Polygon MATIC
The collected data covers 34 months, from 1 July 2019 to 30 April 2022. The monthly averages of the
data were included in the analysis.
*Corresponding Author: Meltem Keskin1 123 | Page
34 rows of data for one currency, mid-month. Bitcoin, Wrapped Bitcoin, Ethereum, and BNB is the average
highest value cryptocurrency. It is seen that the Kurtosis values are small in size and depressed from the left
compared to the depictions. These four currencies are predicted to have a high-value acceleration in this
TABLE 3. Descriptive statistics
Wrapped Bitcoin
Stellar Lumens
When we consider Kurtosis and Skewness values together, it is understood that while XPR and
Polygon currencies have a balanced distribution, Dogecoin currency decreased with low acceleration. Most data
on environmentally friendly cryptocurrencies have been created in the last 2-3 years. On the other hand, data on
other cryptocurrencies are available for a longer period. It has been observed that environmentally friendly
currencies generally have lower values due to their newer nature. Besides the signum currency showing a small
decrease, environmentally friendly currencies have generally balanced distributions. Descriptive statistics for all
currencies are given in Table 3.
Figure 1. Box Chart
The box chart showing the data distributions of the most valuable environmentally friendly
cryptocurrencies is presented in Figure 1. It has been observed that Holo and Signum currencies have a gap
close to zero. Besides, the Tron currency has a narrow opening. The median values of Cardano, IOTA, Ripple,
and Stellar Lumens were below average. Accordingly, it can be concluded that these currencies started to
increase with a higher acceleration after the second half of the 34 months. At this point, it has been concluded
that the currency with the greatest difference between the median and average values is Cardano. Therefore, this
currency has the highest increase momentum among environmentally friendly cryptocurrencies.
*Corresponding Author: Meltem Keskin1 124 | Page
Figure 2. Line Graph
The line chart of environmentally friendly cryptocurrencies is presented in Figure 2. In particular, it is
observed that Cardano, IOTA, and Ripple currencies have a distribution similar to each other and show an
increase in value in the second half of the 34 weeks. The boxplot showing the data distributions of the most
valuable cryptocurrencies other than environmentally friendly cryptocurrencies is presented in Figure 3.
Figure 3. Box Chart
It has been observed that the currencies BNB, XRP, Dogecoin, and Polygon have a gap close to zero.
Besides, the Ethereum currency has a narrow opening.
*Corresponding Author: Meltem Keskin1 125 | Page
Figure 4. Line Graph
Although Ethereum and BNB currencies have a fairly wide gap compared to environmentally friendly
currencies, they appear narrow on the same chart as a result of the large value range of Bitcoin and Wrapped
Bitcoin currencies, which are in the same cluster. Figure 4 shows the line chart of Ethereum and BNB
currencies. My Ethereum has increased with a higher momentum in the second half of the 34 weeks compared
to BNB, and BNB has value movements at a level of 500 points and in a narrow band.
Figure 5. Line graph
Figure 5 shows the line chart of Ripple, Dogecoin, and Polygon cryptocurrencies. In the first half of the
thirty-four weeks, while the cryptocurrencies progressed steadily, they seemed to diverge in the second half.
Polygon showed the highest acceleration in this period.
It is observed that Bitcoin and Wrapped Bitcoin currencies have a similar distribution. In Figure 6, the
line graph of these two currencies is given. In addition, the median values of these currencies remained below
the average.
*Corresponding Author: Meltem Keskin1 126 | Page
Figure 6. Line graph
Table 4 shows the correlation values between environmentally friendly cryptocurrencies and other
standard cryptocurrencies. XRP and Ripple have a 100% correlation. In addition, XRP has a 98% correlation
with Tron, 94% with Holo, 92% with IOTA, and 90% with Cardano. The strongest cryptocurrency, Bitcoin and
Wrapped Bitcoin, strongly correlate with all currencies except the environmentally friendly currencies Signum.
Table 4. Environmental friendly and traditional cryptocurrency correlation
Wrapped Bitcoin
Polygon generally has a weak correlation with eco-friendly currencies. Another strong currency,
Ethereum, has the strongest correlation with Cardona of any eco-friendly currency. Besides, Ethereum has a
strong correlation with currencies other than Signum and Stellar Lumens.
Green energy means less air pollution by not emitting less fossil fuel and carbon to nature. Wastes that
occur while producing energy cause damage to nature and the environment. Today, an unprecedented increase
in the demand for cryptocurrencies is characterized. The energy consumption of cryptocurrencies during the
production and approval processes with high energies increases the environmental damage. For this reason,
environmentally friendly cryptocurrencies that use green energy, produce their own energy or consume very
little have started to take their place in the markets.
This study examined the data of the most valuable environmentally friendly cryptocurrencies and other
most valuable classical cryptocurrencies covering 34 months. An evaluation was made by taking the monthly
averages of the data. According to the preliminary findings, it is understood that all cryptocurrencies have a left-
verted distribution. Since eco-friendly cryptocurrencies are new to the crypto market, it has been observed that
eco-friendly cryptocurrencies in general have lower values. While the Signum currency shows a small decrease,
eco-friendly cryptocurrencies have a balanced distribution. In general, there is a statistically significant and
strong correlation between both groups of cryptocurrencies. In this case, it has been concluded that the crypto
money investor uses the investment reflexes he has acquired in classical cryptocurrencies in his approach to
environmentally friendly cryptocurrencies, which are new investment tools. It is thought that inversely
*Corresponding Author: Meltem Keskin1 127 | Page
proportional to the earnings and confidence levels that currencies will provide, the correlation between clusters
will weaken and investment decisions will be based on more independent arguments.
I would like to thank my esteemed colleagues Ahmet Yücel and TroyaÇağılKöylü for their support.
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Corresponding Author: Meltem Keskin
Department of International Trade and Logistics/ Ankara YıldırımBeyazıtUniversity,Türkiye
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