As a researcher with experience in geopolitics and technology, I believe that the recent decision by U.S. President Joe Biden to force MineOne Cloud Computing Investment and its partners to divest property used for crypto mining near a Wyoming nuclear missile base is a prudent measure to safeguard national security concerns. The potential risks of allowing a China-linked firm to operate so close to a strategic military installation, especially given the history of Chinese actions in this realm, are too great to ignore.
I, as an analyst, would express it as: The United States President, Joe Biden, has issued an order halting a Chinese cryptocurrency mining company from proceeding with its plans to utilize land in the vicinity of a Wyoming nuclear missile installation.
The White House issued an order on May 13 that compels MineOne Cloud Computing Investment and its associates to sell off the property housing their crypto mining operation situated close to the Francis E. Warren Air Force Base in Cheyenne, Wyoming.
Biden cited national security concerns for the order to rescind the firm’s property rights.
“There is credible evidence that leads me to believe that MineOne Partners Limited, a British Virgin Islands company ultimately majority owned by Chinese nationals […] might take action that threatens to impair the national security of the United States.”
As a researcher, I’ve discovered that MineOne obtained the property back in June 2022 and subsequently made necessary enhancements for crypto mining operations. Notably, this land is situated near a significant military installation, which serves as a strategic base for intercontinental ballistic missiles, according to official orders.
The company and its related parties must dismantle all post-improvement installations on the site. Additionally, Chinese entities with links to them are forbidden from approaching the nearby military base, which is less than a mile distant.
The business has a 120-day timeframe, starting from the order date, during which they’re allowed to sell the property; however, they cannot pass it on to external parties during this period.
In the past, Microsoft, a tech industry leader with a data center in close proximity, has expressed concerns over potential issues with this specific website.
In their August 2022 report to CFIUS, Microsoft warned that the location of this potential investment could enable the Chinese to conduct comprehensive intelligence gathering activities. (Source: New York Times investigation, 2023)
Janet Yellen, serving both as the Treasury Secretary and the chairperson of the committee, stated that making MineOne dispose of the land underscores the essential protective function of CFIUS in preventing foreign investments from jeopardizing our national security.
In the opening month of 2021, MineOne successfully secured over $20 million in funding for its inaugural fund. The announcement made public that this strong investor interest emerged shortly after the launch of the fund in October 2021, with both U.S. institutional investors and high-net worth individuals expressing keen enthusiasm.
CryptoMoon reached out to MineOne for comments but did not receive an immediate response.
The Biden Administration has announced plans to tighten regulations on Bitcoin mining in the United States, looking to China’s actions as a model in their ongoing campaign against cryptocurrencies.
In 2021, China’s authorities implemented strict regulations that significantly limited crypto mining activities. Consequently, numerous mining operations packed up and moved their bases to the United States.
A new directive from the White House emerges only a day prior to the Biden administration’s plan to impose higher tariffs on various Chinese imports, among which are electric vehicles.
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2024-05-14 08:29