摘要：In this study, the relationship between Bitcoin electricity consumption and the energy markets of selected countries leading in Bitcoin production was investigated. Weekly data for the period 22.05.2017-10.02.2021 were used in the study. The volatility movements between the Cambridge Bitcoin Electricity Consumption Index (CBECI) and the S&P 500, MOEX and SSE energy indices were analyzed with the CCC-GARCH model. According to the findings obtained in the CCC-GARCH model, it has been determined that there is a bidirectional volatility spread between the CBECI index and the MOEX energy index, and a unidirectional volatility spread between the S&P 500 and SSE energy indices. It has been determined that shocks from the S&P 500 energy index increase the CBECI index, but shocks from the MOEX energy index decrease the CBECI index.
关键词：Bitcoin ; Electricity Consumption ; Energy Markets ; CCC GARCH
