What Drives Crypto Mining? Evidence from Hardware Imports
IMF Working Papers, July 10, 2026
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- What Drives Crypto Mining? Evidence from Hardware Imports
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Bibliographic details
- Authors: Andras Komaromi, Federico Grinberg, Diego A. Cerdeiro, Yang Liu
- Published: July 10, 2026
- Series: IMF Working Papers
- DOI: https://doi.org/10.5089/9798229051736.001
Measurement approach
- Proposes a novel measurement approach using detailed customs data that tracks exports of crypto mining hardware from the world’s dominant producers.
- Defines a trade-based proxy that allows analysis of the global distribution of mining hardware imports.
- Guided by a stylized model to link observable trade flows to mining incentives and activity.
Empirical findings
- Mining surges respond strongly to global factors such as cryptocurrency prices and hardware costs.
- Domestic factors shape the cross-country distribution of activity, including:
- electricity prices
- ambient temperature
- The trade-based proxy enables identification of global distribution patterns and key drivers of mining hardware imports.
Policy implications and interpretation
- Findings highlight how global crypto markets, natural endowments, and policy choices jointly influence mining incentives.
- Offers valuable insights for policymakers concerned with:
- financial stability risks
- energy subsidy misuse
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- Working Paper