Article (Scientific journals)
Energy demand unawareness and the popularity of Bitcoin: Evidence from Nigeria
Platt, Moritz; Ojeka, Stephen; Dragnoiu, Andreea-Elena et al.
2023In Oxford Open Energy
Peer reviewed


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Keywords :
Blockchain; Proof-of-work; Bitcoin; Survey; Sustainability; Sustainable customer behaviour
Abstract :
[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 :
Management information systems
Computer science
Author, co-author :
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
External co-authors :
Language :
Title :
Energy demand unawareness and the popularity of Bitcoin: Evidence from Nigeria
Publication date :
10 October 2023
Journal title :
Oxford Open Energy
Peer reviewed :
Peer reviewed
Focus Area :
Security, Reliability and Trust
Development Goals :
13. Climate action
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