The White House announced on May 13th, 2024, that President Biden has ordered the removal of a Chinese-owned cryptocurrency mining facility located near a sensitive military base in Wyoming.
The order targets MineOne Cloud Computing Investment, a firm with significant Chinese ownership, and its partners. These entities will be forced to divest property operated as a crypto mining facility situated close to Francis E. Warren Air Force Base in Cheyenne.
Citing national security concerns, the Biden administration expressed anxieties that the proximity of the mining facility to the airbase, which houses intercontinental ballistic missiles, posed potential security risks. The nature of these risks has not been publicly disclosed.
This decision comes amidst heightened scrutiny of foreign investment near critical U.S. infrastructure. Lawmakers have grown increasingly concerned about potential espionage or data collection activities by foreign entities operating near sensitive military installations.
The order requires MineOne and its partners to sell the property and remove certain equipment within a specific timeframe. The details of the timeframe have not been publicly released.
The impact of this decision on the cryptocurrency mining industry remains to be seen. It could potentially lead to increased scrutiny of foreign investment in the sector, particularly near sensitive locations. Additionally, it raises questions about the potential national security implications of large-scale cryptocurrency mining operations.
The reaction from MineOne and the Chinese government is still developing. It’s likely that both entities will contest the decision, potentially leading to legal challenges.
