Bitcoin mining is a process of creating a digital asset that requires significant amounts of energy, particularly from fossil fuel sources, leading to high carbon emissions and environmental sustainability concerns. The high energy consumption used for mining is thought to contribute to increased carbon emissions, which constitute a large portion of greenhouse gas emissions in terms of sustainability. It is crucial to evaluate Bitcoin mining in terms of both its financial impacts and its effect on sustainability. Within this framework, research has been conducted to determine whether Bitcoin mining has an impact on carbon emissions and the sustainability index.

In the study, the ARDL Bound Test was applied to monthly data covering the period from January 1, 2018, to January 1, 2023, with the dependent variable being the Bitcoin price (BTC) and the independent variables being the Emission (CO2) level and the Sustainability Index (MSCI). According to the analysis results, in the long term, a negative relationship was found between the MSCI variable and the Bitcoin price, while no significant relationship was found between the Emissions variable and the Bitcoin price. The negative relationship between the MSCI index and the Bitcoin price is expected to influence investors in terms of which country's stock market and which stocks to invest in within the context of sustainability. Furthermore, for mining activities to be sustainable, the use of environmentally friendly energy sources, hardware improvements, mining center location selection, and the implementation of supportive sanctions by countries would be more meaningful in terms of both energy markets and environmental impacts.