国际货币基金组织：加密货币挖矿的驱动力是什么？来自硬件进口的证据（英文版）

Understanding financial activity beyond traditional regulatory frameworks is essential for policymakers. Yet crypto assets mining —which offers a direct entry point into the crypto ecosystem without relying on traditional financial intermediaries—remains highly opaque. We propose a novel measurement approach using detailed customs data that tracks exports of crypto mining hardware from the world’s dominant producers. This trade-based proxy allows us to analyze the global distribution of mini