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:

A view of a red and tan mountain with brush and trees in the foreground

Opinion: Public lands need less extraction and more rewilding

In the age of extinction, we need a new model for these landscapes and the communities that rely on them.
An offshore oil platform with the sun setting in the background

California sues Trump over order to open coastal oil pipeline

California argues the Trump administration invented an energy emergency to justify forcing the restart of a shuttered offshore oil operation.

A sunset view of an industrial plant

Google's data-center boom comes to Nebraska

Documents indicate that the tech company may be planning a massive natural gas powered data center — but it could hinge on one piece of legislation.
A Monopoly card that says CHANCE and Get out of jail free

How the oil barons are seeking a get-out-of-jail-free card for climate change damages

A recent move by the Supreme Court could actually make fossil-fuel companies more vulnerable to lawsuits, but the polluters are pushing for a workaround.
A red emergency light on a black surface

"Every key indicator flashing red" warns UN's 2025 climate report

The State of the Global Climate 2025 report confirms that 2015–2025 are the hottest 11 years on record as ocean heat hit a new high.
Two power plant towers viewed from below

This $400 billion Biden climate program is surviving Donald Trump

Trump’s Energy Secretary says he's canceled billions of dollars in clean energy loans. A Biden official says the number is “fake.”
A small Black child riding on his father's back in a beautiful garden setting

Atlanta's Black Mecca’s climate plan is costing Black residents their homes

Flood “fixes” are erasing Black homes and fueling a new wave of climate gentrification in Atlanta.
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.