[en] Some of the most popular decentralised cryptocurrency networks have drawn widespread criticism for consuming vast amounts of electricity and have thus become targets of regulatory interest. Attempts to influence cryptocurrency network operations via policy in the pursuit of sustainability in the past, however, have been widely unsuccessful. Some were abandoned out of fear of jeopardising innovation while others failed due to the highly globalised nature of decentralised systems. Considering Bitcoin as an archetype for cryptocurrencies with high energy demand, this study takes a bottom-up approach by analysing statements made by Nigerian cryptocurrency users (N = 158) concerning their perception of sustainability issues. Three main findings emerged: 1) Despite self-reporting as highly knowledgeable, most participants significantly underestimate the energy demand of Bitcoin. 2) Those who accurately assess the energy demand of Bitcoin are more likely to support measures targeting its energy demand than those who misestimate it. 3) Those who support measures predominantly hold private actors responsible. In light of these findings, it is concluded that the primary task of policy makers in the
context of cryptocurrency sustainability is to enforce consumer education.
Disciplines :
Gestion des systèmes d’information Sciences informatiques
Auteur, co-auteur :
Platt, Moritz
Ojeka, Stephen
Dragnoiu, Andreea-Elena
Ibelegbu, Oserere Ejemen
Pierangeli, Francesco
SEDLMEIR, Johannes ; University of Luxembourg > Interdisciplinary Centre for Security, Reliability and Trust (SNT) > FINATRAX
Co-auteurs externes :
yes
Langue du document :
Anglais
Titre :
Energy demand unawareness and the popularity of Bitcoin: Evidence from Nigeria
Date de publication/diffusion :
10 octobre 2023
Titre du périodique :
Oxford Open Energy
eISSN :
2752-5082
Peer reviewed :
Peer reviewed vérifié par ORBi
Focus Area :
Security, Reliability and Trust
Objectif de développement durable (ODD) :
13. Mesures relatives à la lutte contre les changements climatiques
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