Dynamic linkage of the bitcoin market and energy consumption : an analysis across time

With the control of the cryptocurrency market in environmental protection, investors pay attention to the risk conduction mechanism between energy consumption and the Bitcoin market. This paper applies quantile connectedness to analyse the overall situation and dynamic evolution of information spillover in the system of the Bitcoin market. The results show that the hashrate and electricity demand are the primary sources of risk in the information network, and their fluctuations have intensified the risk spillover effects in the system. In addition, the spillover level is more prominent in extreme cases, which means the information linkage in the system is integrated. The spillover effect of each variable fluctuates and is uncertain with time. This helps in the sustainable development of Bitcoin and guides the government's policy development and supervision of cryptocurrencies. The risk infection path helps prevent the risk of infection in the Bitcoin market and improves the sustainability of the encrypted market.