## What Drives Crypto Mining? Evidence from Hardware Imports

_IMF Working Papers, July 10, 2026_

## Source details

**Canonical URL:** [What Drives Crypto Mining? Evidence from Hardware Imports](https://www.imf.org/en/publications/wp/issues/2026/07/10/what-drives-crypto-mining-evidence-from-hardware-imports-577592)

## Other formats

- [Markdown version](/en/publications/wp/issues/2026/07/10/what-drives-crypto-mining-evidence-from-hardware-imports-577592/index.md)
- [Structured JSON version](/en/publications/wp/issues/2026/07/10/what-drives-crypto-mining-evidence-from-hardware-imports-577592/index.json)
- [Bundle manifest](/en/publications/wp/issues/2026/07/10/what-drives-crypto-mining-evidence-from-hardware-imports-577592/bundle-manifest.json)

## 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

---

## Content in this bundle

- **Working Paper**
  - [Working Paper (Markdown version)](/-/media/files/publications/wp/2026/english/wpiea2026146.pdf.md){rel="alternate" type="text/markdown"}
  - [Working Paper (PDF)](/-/media/files/publications/wp/2026/english/wpiea2026146.pdf){rel="external" type="application/pdf"}

---

_Source: https://www.imf.org/en/publications/wp/issues/2026/07/10/what-drives-crypto-mining-evidence-from-hardware-imports-577592_