Biden Orders China-Linked Crypto Mining Firm to Divest Near US Missile Base

banner-image

President Joe Biden has signed an executive order halting MineOne Cloud Computing Investment, a China-linked crypto mining firm, from using land near a Wyoming nuclear missile base. 

The order, released by the White House on May 13, mandates MineOne and its partners to divest property operated as a crypto mining facility near the Francis E. Warren Air Force Base in Cheyenne, Wyoming.

Biden Issues Executive Order

Citing national security concerns, the order by Biden aims to rescind MineOne’s property rights due to potential threats to the United States’ national security. The order specifically highlights MineOne Partners Limited, a British Virgin Islands company majority-owned by Chinese nationals, as a potential risk to national security.

MineOne acquired the property in June 2022 and developed it for crypto mining, situating it in close proximity to the Air Force base, which houses intercontinental ballistic missiles. 

Removal of All Installed Equipment

The order by Biden mandates the removal of all equipment installed on the site by the firm and its affiliates after improvements were made. Additionally, Chinese-linked entities are prohibited from accessing the site, located less than a mile from the base.

The decision to force MineOne to sell the land stems from previous concerns raised by tech giant Microsoft, which operates a nearby data center. In an August 2022 report to the Committee on Foreign Investment in the US (CFIUS), Microsoft expressed concerns that the location could facilitate Chinese intelligence collection operations.

CFIUS Role in National Security

Treasury Secretary Janet Yellen, who chairs the CFIUS, emphasized the critical role of the committee in safeguarding national security. She stated that the order to compel MineOne to divest the land underscores CFIUS’s role in preventing foreign investments from undermining national security.

MineOne had previously raised over $20 million for its first fund within a month in 2021. The fund, launched in October 2021, attracted substantial investment from US institutional investors and high-net-worth individuals.

Biden and Crypto

With this executive order, the Biden administration is taking proactive measures to mitigate potential threats posed by foreign entities operating near sensitive military installations. 

The move underscores the importance of safeguarding national security in the face of evolving challenges in the crypto mining landscape.

Recently, Presidential candidate Donald Trump called out the Biden administration for being against digital assets and stated that a vote for him is a vote in favor of cryptocurrencies.

Marathon Digital CEO Fred Thiel is excited to team up with..

The Coinbase legal team asserted that the SEC is attempting to..

Previously, the Delaware Court of Chancery had dismissed the BitGo case..

ads-image ads-image