This paper examines the environmental awareness of cryptocurrency investors. We study cryptocurrencies of different consensus protocols, categorised as clean and dirty. Within the non-linear autoregressive distributed lag model (NARDL), we verify whether short- or long-run dependency exists between cryptos’ prices or volatility and the Index of Cryptocurrency Environmental Attention, ICEA. We find that the volatilities of cryptocurrencies react stronger to the changes in ICEA than the prices do and that the former respond more to the decrease of the index than to its increase. The reaction is more pronounced for dirty cryptocurrencies.

中文翻译：

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肮脏和清洁加密货币的投资者是否以同样的方式关心能源效率？


本文考察了加密货币投资者的环境意识。我们研究不同共识协议的加密货币，分为干净的和脏的。在非线性自回归分布式滞后模型 (NARDL) 中，我们验证了加密货币的价格或波动性与加密货币环境关注指数 (ICEA) 之间是否存在短期或长期依赖性。我们发现，加密货币的波动性对 ICEA 变化的反应比价格的反应更强，而且前者对指数下降的反应大于对指数上涨的反应。对于肮脏的加密货币来说，这种反应更为明显。