Abstract
This study aims to analyze the impact of crypto trading on carbon emissions (CO2) via international trade and energy use roles. The relationship between crypto trading and CO2 is crucial for guiding financial markets and environmental sustainability efforts. The study conducted Structural Equation Modelling (SEM) and path analysis using data from the top 20 countries with high cryptocurrency trading volume from 2014 to 2021. A proposed model was presented to examine the relationships between the variables used in the study, and necessary analyses were carried out. The results of the analysis unequivocally demonstrate that cryptocurrency trading volume has a positive and significant impact on carbon emissions. International trade and energy usage mediate the relationship between crypto trading and carbon emissions. Crypto mining activities and cryptocurrencies lead to increased energy usage and environmental impacts. Countries should transition to renewable energy sources. Additionally, it is important to regularly report and monitor the impact of cryptocurrency mining activities on carbon emissions.
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