主题：CryptoMining: Energy Use and Local Impact（加密货币挖矿：能源消费与当地影响）
Cryptomining gives rise to negative externalities through consumption of scarce electricity. Thus why do local governments pursue cryptominers and what are the broader effects of cryptomining on the local economy? Testimonial evidence supports cryptomining as a source of tax revenues and purported local economy spillovers. We assemble a novel panel dataset for cities in China and New York State to take these claims to the data. First, we estimate that in China cryptomining operations lead to 10% higher energy consumption, which is mainly derived from fossil fuels. Second, we study the local effects of cryptomining on the public, household and business sectors. We find that cryptomining substantially increases business tax revenues relative to GDP in Chinese cities, thus providing a strong incentive for local governments to attract this type of business. However, we also find a negative impact on local wages and value added taxes (as a fraction of GDP). In New York State, we find that cryptomining results in substantially higher electricity prices for both households and businesses. These findings suggest that cryptomining leads to crowding-out of other economic activities and point to possibly unintended consequences that local governments should factor in their decisions.
Adair Morse is Soloman P. Lee Chair in Business Ethics, Associate Professor at the Haas School of Business at the University of California at Berkeley, and Fellow at the Berkeley Center for Law and Business. She is an award-winning teacher of New Venture Finance, Impact Investing, and Sustainable Investing. She holds a Ph.D. in finance from the University of Michigan. Adair’s research spans multiple areas of finance: household finance, political economy, FinTech, Impact Investing, discrimination, venture finance, corruption, and pension management, with the unifying theme that she tries to choose topics useful for leveling economic playing fields. Within household finance, Adair has a particular interest in household debt and welfare, studying low and middle income credit products and their use via both observational studies and field experiments with companies. Her recent work studies aspects of FinTech (including algorithmic discrimination in consumer lending and platform equity), venture debt in the innovation economy, information flows at the Federal Reserve, and the political economy of crytomining. Her publications appear in the top economics and finance journals, and she has won a number of top finance research prizes, including the Brattle Prize, the Jensen Prize, prizes at the EFA and WFA, the Moskowitz Impact prize, among others. Many of her various works have been directly implemented into policy, including actions by the U.S. Congress, the Greek Parliament, and many State banking regulators.