Crypto-Mining and Electricity Market Nexus: Assessing the Evidence from the Nordic Electricity Prices

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Published: Sep 10, 2025
Updated: 2025-09-10
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2025-09-10 (5)
DOI: https://doi.org/10.56476/jed.v49i1.9
Keywords:
Nordic Electricity Markets, Bitcoin Mining, Crypto Mining, Crypto Currencies, Electricity Market Nexus, Electricity Prices, Energy Price Volatility, Economic Modeling, Bitcoin, Ethereum, Dynamic Conditional Correlation, DCC-GARCH Model, Energy Consumption

Main Article Content

Dhouha Mathlouthi
PhD student in Finance at the Institute of Higher Commercial Studies of Sousse (IHEC), University of Sousse, Tunisia
https://orcid.org/0009-0005-6746-0153
Meriem Youssef
Department of Economics and Quantitative Methods, Higher Institute of Finance and Taxation, University of Sousse

Abstract

This paper examines the the dynamic relationship between the cryptocurrency market, through two major cryptocurrencies namely Bitcoin and Ethereum, and the Nordic electricity market. Specifically, it examines how the two main cryptocurrencies’ prices volatilities affect the Nordic electricity prices. Our analysis is based on daily spot prices from 08 August 2015 to 16 June 2020, using the dynamic conditional correlation DCC-GARCH model.


Our results confirm the existence of a medium conditional correlation between cryptocurrencies and Nordic electricity market. Especially at the end of 2018, this correlation is significantly important. During this period, a peak in Ethereum prices was noticed which impact electricity prices via the high demand of power by miners who are attracted by such low prices, in the Nordic region, to increase the profitability of their activity.

Article Details

How to Cite
Mathlouthi, Dhouha, and Meriem Youssef. (2024) 2025. “Crypto-Mining and Electricity Market Nexus: Assessing the Evidence from the Nordic Electricity Prices”. Journal of Energy and Development 49 (1):45-72. https://doi.org/10.56476/jed.v49i1.9.
Issue
Vol. 49 No. 1 (2024): Journal of Energy and Development
Section
Articles
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This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.

Author Biographies

Dhouha Mathlouthi, PhD student in Finance at the Institute of Higher Commercial Studies of Sousse (IHEC), University of Sousse, Tunisia

Dhouha Mathlouthi is a Ph.D. candidate in Finance at the Institute of Higher Commercial Studies of Sousse (IHEC), University of Sousse, Tunisia, where she is also a member of the LaREMFiQ research laboratory. She holds a Bachelor’s degree in Finance from the Higher Institute of Management of Sousse and a Master’s degree in Finance and Actuarial Science from IHEC Sousse. Her research focuses on the interconnections between cryptocurrency markets and energy, with an emphasis on financial innovation and sustainability.

Meriem Youssef, Department of Economics and Quantitative Methods, Higher Institute of Finance and Taxation, University of Sousse

Dr. Meriem Youssef is an Assistant Professor in Quantitative Methods (QM), at Higher Institute of Finance and Taxation (ISFF), University of Sousse, Tunisia. She holds a Bachelor’s degree in Mathematics from the  University of Monastir and Master and Ph.D. degrees in Statistics and Management from Higher Institute of Management, University of Sousse. Recently, she obtained the Habilitation to direct researches.  Dr. Meriem Youssef has teaching experience in different courses related to mathematics and applied mathematics. Dr. Youssef has published in leading statistical and marketing journals, such as Energy Policy, Journal of Business and Industrial Marketing and International Transactions in Operational Research. Her research interests include environmental issues, portfolio selection and optimization, cryptocurrencies and green finance.

Research Gate: Meriem YOUSSEF | PhD | PhD Assistant Professor at Higher Institute of of Finance and Taxation (ISFF), University of Sousse | Université de Paris 1 Panthéon-Sorbonne, Paris | UNiVPARIS1 | Centre d'Etudes et de Recherches sur la Gestion des Organisations et des Relations Sociales (CERGORS) | Research profile (researchgate.net)

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