Does the transition to the proof-of-stake consensus protocol tame the response of cryptocurrency volatility to energy shocks?
Proof-of-Stakeコンセンサスプロトコルへの移行は暗号通貨のボラティリティのエネルギーショックへの反応を抑制するか (AI 翻訳)
Klaus Grobys, Davide Sandretto
🤖 gxceed AI 要約
日本語
本研究は、Proof-of-WorkからProof-of-Stakeへの移行が暗号通貨のボラティリティとエネルギーショックの関係に与える影響を検証。GARCHモデルを用いた分析の結果、移行後にボラティリティのエネルギー市場への反応が有意に低下することを発見。より環境持続可能なPoSへの移行を促進する実証的根拠を提供する。
English
This study examines the impact of transitioning from proof-of-work to proof-of-stake on the relationship between cryptocurrency volatility and energy shocks. Using GARCH models, it finds that after the transition, volatility becomes significantly less responsive to energy market shocks, providing empirical evidence for migrating to the more environmentally sustainable PoS protocol.
Unofficial AI-generated summary based on the public title and abstract. Not an official translation.
📝 gxceed 編集解説 — Why this matters
日本のGX文脈において
日本のGX文脈では、エネルギー消費の大きいPoWからPoSへの移行は、データセンターや暗号通貨関連企業の環境負荷低減に寄与する可能性がある。ただし、本研究は直接日本の政策や開示基準に関連するものではない。
In the global GX context
Globally, this paper contributes to the debate on sustainable blockchain technologies by providing empirical evidence that PoS reduces crypto's sensitivity to energy prices, supporting the case for greener consensus mechanisms in the face of climate concerns.
👥 読者別の含意
🔬研究者:A GX researcher can use this as empirical evidence for the energy efficiency benefits of PoS over PoW, relevant for sustainable finance and green technology adoption literature.
🏢実務担当者:Corporate sustainability teams in crypto or blockchain firms can cite this study to justify transitioning to PoS for reducing energy cost risk and improving environmental credentials.
🏛政策担当者:Regulators considering cryptocurrency energy usage policies can reference this study to encourage adoption of PoS as a more sustainable consensus mechanism.
📄 Abstract（原文）
Purpose This study investigates the impact of transitioning from the proof-of-work (PoW) to the proof-of-stake (PoS) consensus protocol on the relationship between cryptocurrency volatility and energy shocks. Design/methodology/approach We exploit the random nature of the transition to the PoS consensus algorithm as a quasi-natural experiment. We analyze this issue for the volatility processes of four digital currencies with high market capitalization using GARCH models. Findings Our cross-sectional findings suggest that after the transition to the PoS consensus protocol, cryptocurrency volatility becomes significantly less responsive to energy market shocks. Originality/value The findings of this study advocate for the migration from the energy-intensive PoW consensus protocol to the more environmentally sustainable PoS protocol. Moreover, this study advances the literature on green finance by documenting a strong case for cryptocurrency stakeholders to switch to the PoS protocol.
🔗 Provenance — このレコードを発見したソース
- openaire https://doi.org/10.1108/ijoem-04-2025-0729first seen 2026-05-14 21:48:56
🔔 こうした論文の新着を逃したくない方は キーワードアラート に登録（無料・3キーワードまで）。
gxceed は公開メタデータに基づく研究支援データセットです。要約・翻訳・解説は AI 支援で生成されています。 最終的な解釈・検証は利用者が原典資料に基づいて行うことを前提とします。