The Research Department of Economics and Management of Tadbir Nikan Business, Marketing, and Finance Open 3 Serial Number 15 2026 05 30 Examining the Causal Relationship Between Cryptocurrencies and Energy Consumption in D8 Countries: A Bootstrap Panel Granger Causality Approach Examining the Causal Relationship Between Cryptocurrencies and Energy Consumption in D8 Countries: A Bootstrap Panel Granger Causality Approach 1 21 EN Journal Article 2026 01 03 <p>The exponential growth of the cryptocurrency market has raised increasing concerns regarding its environmental consequences, particularly energy consumption. The existing literature has predominantly focused on energy-intensive cryptocurrencies while overlooking the asymmetric effects of non-energy-intensive cryptocurrencies and the moderating role of institutions in developing countries. Using a mixed-methods approach, this study examined the causal relationship between energy-intensive and non-energy-intensive cryptocurrencies and energy consumption in D8 countries over the 2015–2024 period. In the quantitative phase, following second-generation diagnostic tests, the Kónya bootstrap panel causality test and Seemingly Unrelated Regression (SUR) estimation were employed. In the qualitative phase, comparative institutional analysis was used to interpret the findings. The results revealed profound structural heterogeneity. Causality running from Bitcoin to energy consumption was confirmed in Iran (subsidy-based), Malaysia (market-oriented), and Nigeria (inflation-hedging), whereas the direction of causality was reversed in Türkiye, Indonesia, and Bangladesh. No significant causal relationship was observed in Egypt or Pakistan. For the first time, the paradox of non-energy-intensive cryptocurrencies was documented: these cryptocurrencies affected energy consumption through indirect channels—namely, digital ecosystem development and complementarity with energy-intensive cryptocurrencies—in countries characterized by low energy efficiency. The share of fossil fuels exhibited the largest coefficient in the energy consumption equation. The cryptocurrency–energy nexus in developing countries is therefore highly context-dependent and contingent upon institutional structures. A “one-size-fits-all” policy approach is rejected, and policymakers should adopt differentiated strategies based on the proposed typology—cryptocurrency-driven, energy-driven, and disconnected systems. The findings also challenge the “green cryptocurrency” narrative and underscore the necessity of evaluating the entire life cycle of the digital ecosystem in energy policymaking.</p> https://bmfopen.com/index.php/bmfopen/article/download/592/436