The current–voltage characteristic hysteresis of Bi-2223 tape in a silver matrix cooled by liquid nitrogen (LN2) at 77 K can be interpreted thermally, i.e. while the ramping-up temperature of the tape is higher than the ramping-down temperature for the same current levels. The reason for this could be hysteresis of the heat transfer coefficient. The coefficient is smaller during ramping up and larger (better cooling) during ramping down. To verify or deny this concept we have measured the surface temperature of the tape at LN2 temperature with and without a thermal insulation sheet upon the tape during ramping up over Ic and ramping down back under Ic. Different ramping rates were applied. The amplitudes of E on the tape was under 0.5 mV cm−1. In spite of measurement error and thermal fluctuations, we observed a difference between the surface temperature curve branch during ramping up and the higher branch during ramping down for a non-insulated tape. Furthermore, the measurements showed that a positive current–voltage (I–V) hysteresis pattern (with the down branch shifted to higher currents and smaller voltages) was observed even with thermal insulation. Under these conditions, however, the down branch of the temperature curve clearly revealed a higher temperature with respect to the up branch of the temperature, contrary to expectations of the thermal interpretation of I–V hysteresis. According to this result, the thermal concept of positive I–V hysteresis under stable cooling conditions can be denied. On the other hand, an accidental voltage drop in the I–V curve was observed on one degraded sample accompanied by a corresponding drop in temperature. This proves the thermal interpretation of voltage drops in I–V curves of locally degraded tapes.