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:

Posing as a wind turbine blade with National Renewable Energy Laboratory (NREL) and Department of Energy (DOE) staff
Photo Credit: Gregory Cooper / NREL https://www.flickr.com/photos/nrel/ Creative Commons: https://creativecommons.org/licenses/by-nc-nd/2.0/

Federal energy lab reduces workforce, cutting 134 jobs

A federal research lab formerly known as the National Renewable Energy Lab laid off more than 100 people this week.

white pollution from smokestack billows over skyline during sunset.

Trump repeals U.S. government’s power to regulate climate

Nearly 17 years after the Environmental Protection Agency declared that carbon dioxide and other greenhouse gases threaten the public’s health and welfare, the agency on Thursday rescinded the landmark legal opinion underpinning a wave of federal policies aimed at climate change.

Interior Secretary Doug Burgum U.S. Secretary of the Interior  speaking at the 2025 Conservative Political Action Conference (CPAC)
Photo Credit: Gage Skidmore under https://creativecommons.org/licenses/by-sa/2.0/https://www.flickr.com/photos/gageskidmore/54361574624/

Burgum calls energy transition a ‘fantasy’ as EPA guts climate regulations

The Interior secretary cast doubt on widely accepted climate science and touted plans to build out the nation’s reserves of critical minerals.
Solar panels & wind turbines against setting sun

China could reach peak greenhouse gas emissions sooner than Beijing planned, new report suggests

Falling emissions from the world’s biggest greenhouse gas emitter could mean a global turning point.
Fishing boat with offshore wind turbines in background
Credit: Photo by Bob Brewer/ Unsplash

Offshore wind showed up big during the East Coast’s brutal cold

America’s two utility-scale offshore wind farms performed as well as gas power plants and better than coal in January — including during Winter Storm Fern.
a person riding a bike down the middle of a road surrounded by tropical forest

Banks decline to finance LNG project in Papua New Guinea

Twenty-nine global banks reject financing a Papua New Guinea LNG project led by TotalEnergies, citing climate, environmental and human rights concerns.
Katrina hurricane destruction, dead, dying, barren forest, still visible two years later.
Credit: Gino Santa Maria/BigStock Photo ID: 1983846

30,000 trees planted to restore Katrina-ravaged barrier

In the wetlands of coastal southeast Louisiana, conservation groups are wrapping up a four-year project to plant 30,000 trees.
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.