President Biden Blocks China-Backed Crypto Mining Near Nuclear Base

President Biden has blocked a Chinese-backed crypto miner from owning land near a nuclear missile base in Wyoming. The president issued the order Monday to stop MineOne Partners Ltd from owning and operating land near Francis E. Warren Air Force Base.

O order also mandates the removal of certain MineOne-owned equipment on the land. MineOne is a crypto mining company partially controlled by the Chinese state. The executive branch coordinated the change with the Committee on U.S. Foreign Investment in the United States. This government agency investigates corporate agreements for national security reasons and holds the power to force the company to change.

MineOne acquired the property near the nuclear missile base in June 2022. The company has made improvements to allow for the use of specialized cryptocurrency mining operations, but must now cease operations on the land by government order. The Foreign Investment Risk Review Modernization Act of 2018 (FIRRMA) covers real estate transactions near certain sensitive U.S. facilities. With MineOne operating near F.E. Warren Air Force Base, it was subject to investigation under this act.

Source –CNN

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The US Treasury Department says there were problems with “specialized, foreign-sourced equipment potentially capable of facilitating surveillance and espionage activities” that “posed a significant risk to national security.” President Biden’s decision to prevent cryptomining from operating near the nuclear missile base takes effect immediately.

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