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The larger compensation for miners, the higher positive effect on the financial performance of cryptocurrencies
[Une meilleure rémunération des mineurs : un effet positif sur la performance financière des cryptomonnaies]


  • Élise Alfieri

    (IRG - Institut de Recherche en Gestion - UPEC UP12 - Université Paris-Est Créteil Val-de-Marne - Paris 12 - Université Gustave Eiffel)

  • Yann Ferrat

    (CERAG - Centre d'études et de recherches appliquées à la gestion - UGA - Université Grenoble Alpes, OFI Asset Management)


To cope with the weakened financial system, the innovative ecosystem of cryptocurrencies and the blockchain seem to emerge as alternative solutions. While they offer a decentralized governance, cryptocurrencies also provide exposure to social dimensions. We thus pose the following research question: is there a virtuous circle between extra-financial and financial performance for cryptocurrencies? To answer this question, we analyze the social performance, an extra-financial dimension, through miners' compensation. Using a sample of cryptocurrencies between 2015 and 2021, we follow two econometric modeling approaches, namely portfolios constituted based on miner compensation and a panel regression model. This dual approach allows an analysis of the relationship at the macro and microeconomic level as well as enhancing the robustness of our inferences. Our results show that the social and financial performance relationship is positive. Thus, enhanced value sharing in the cryptocurrency landscape appears synonymous of greater financial performance.

Suggested Citation

  • Élise Alfieri & Yann Ferrat, 2022. "The larger compensation for miners, the higher positive effect on the financial performance of cryptocurrencies [Une meilleure rémunération des mineurs : un effet positif sur la performance financi," Post-Print hal-03670074, HAL.
  • Handle: RePEc:hal:journl:hal-03670074
    DOI: 10.3917/inno.pr2.0129
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    More about this item


    Bitcoin; Cryptomonnaies; Partage de la valeur ajoutée; Performance sociale; Rendements boursiers;
    All these keywords.

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