Fossil fuel-backed crypto schemes put taxpayer dollars at risk

A network of fossil fuel operatives is advocating for state and federal governments to invest billions of taxpayer dollars in Bitcoin reserves, tying financial instability to increased energy consumption and environmental harm.

Freddy Brewster reports for The Lever.


In short:

  • Bitcoin reserve proposals are being pushed by fossil fuel-linked groups, including the Satoshi Action Fund, which has deep ties to the Koch network and anti-environmental agendas.
  • Bitcoin mining, required to maintain cryptocurrency, consumes massive amounts of electricity, with U.S. miners using more energy annually than the state of New Jersey, raising environmental and public infrastructure concerns.
  • Experts warn that Bitcoin’s volatility could lead to financial instability, risking public funds and state budgets if cryptocurrency prices crash.

Key quote:

“It’s yet another crypto solution in search of a problem. It brings state institutions, which are inevitably taxpayer-funded, closer to the risk inherent in these markets.”

— Mark Hays, Americans for Financial Reform

Why this matters:

At its core, this scheme blends high-stakes gambling with anti-environmental tactics, prioritizing private interests over public good. It’s a stark reminder that the fossil fuel lobby is willing to bet big with everyone else’s money — and the planet’s future.

Read more:

Industrial power plant with smoke stacks under blue sky.

US succeeds in erasing climate from global energy body’s priorities

Trump’s energy chief had threatened to leave the International Energy Agency if it continued to focus on climate.
An oil tank truck driving down a highway

Inside the largest deregulatory action in US history

Can the government simply decide emissions aren’t its problem?
oil refinery emitting pollution under cloudy sky.

Trump's climate health rollback likely will hit vulnerable communities the most, experts say

The Trump administration’s revocation of a scientific finding that climate change is a danger to public health is likely to affect communities of color the most.
Demonstrators hold signs calling for racial justice.

Jesse Jackson's vision for America embraced environmental justice

The civil rights leader, who died earlier this week, linked segregation, pollution, and political power.
a gas station at night.

Paris court holds historic climate trial in case against TotalEnergies

The lawsuit challenges the oil major’s expansion plans and could set a significant precedent on climate responsibilities for fossil fuel companies if successful, advocates say.
the seal of the department of justice on a wall.

He was a climate activist. One day, the FBI came knocking

As the Trump administration cracks down on climate change activism, members of environmental groups like Extinction Rebellion fear they are being targeted.
a close up of a bunch of coffee beans on a branch

Climate change threatens coffee-growing regions

Human-caused climate change is adding weeks of extreme heat to major coffee-producing countries, damaging crops and reducing yields, according to new research.

From our Newsroom
Multiple Houston-area oil and gas facilities that have violated pollution laws are seeking permit renewals

Multiple Houston-area oil and gas facilities that have violated pollution laws are seeking permit renewals

One facility has emitted cancer-causing chemicals into waterways at levels up to 520% higher than legal limits.

Regulators are underestimating health impacts from air pollution: Study

Regulators are underestimating health impacts from air pollution: Study

"The reality is, we are not exposed to one chemical at a time.”

Pennsylvania governor Josh Shapiro speaks with the state flag and American flag behind him.

Two years into his term, has Gov. Shapiro kept his promises to regulate Pennsylvania’s fracking industry?

A new report assesses the administration’s progress and makes new recommendations

silhouette of people holding hands by a lake at sunset

An open letter from EPA staff to the American public

“We cannot stand by and allow this to happen. We need to hold this administration accountable.”

wildfire retardants being sprayed by plane

New evidence links heavy metal pollution with wildfire retardants

“The chemical black box” that blankets wildfire-impacted areas is increasingly under scrutiny.

Stay informed: sign up for The Daily Climate newsletter
Top news on climate impacts, solutions, politics, drivers. Delivered to your inbox week days.