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:

An illustration with green grass and 'H2' hovering above the ground

Germany's green hydrogen industry is running out of time

Germany’s green hydrogen sector is struggling to scale up as demand remains far below expectations, leaving manufacturers with excess capacity and mounting financial strain.

Person in yellow shirt starts controlled forest fire

The U.S. Forest Service is falling further behind on wildfire prevention

President Donald Trump and his top Cabinet officials have repeatedly blamed catastrophic wildfires on poor forest management. His administration, however, appears to be lagging on that very work.

A row of solar panels stretching across a green landscape

Portugal’s proposed Sophia solar park sparks backlash over environmental and community impacts

A massive solar park planned for the Beira Baixa region of Portugal has drawn intense opposition from municipalities and environmental groups, who warn the project’s scale could irreversibly damage landscapes, habitats and local livelihoods despite the developer’s assurances of mitigation measures.

A rocket being launched into space with smoke and flames

Scientists warn of emissions risks from the surge in satellites

With hundreds of satellites launched each year and tens of thousands more planned, scientists are increasingly concerned about an emerging problem: emissions from the fuels burned in launches and from the pollutants released when satellites and rocket stages flame out on reentry.
The capitol building in Harrisburg PA

Pennsylvania bailed on a carbon market to appease Republicans

Governor Josh Shapiro pulled of the the Regional Greenhouse Gas Initiative in exchange for a budget. Critics say he “got rolled.”
arroyo in the arid Southwest canyon country with water running through it

WOTUS ‘wet season’ test would further shrink US regulatory reach

The Trump administration proposal offers an option for regulating only perennial waters, excluding a vast network of freshwater streams.
ocean waves near city buildings during daytime

Hurricane season is over. Here's why the US never got hit

For the first time in a decade, the U.S. avoided landfall, thanks to an atmospheric anomaly. But this hurricane season was exceptional in other bad ways, too.

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.