President Biden Acts to Safeguard National Security Against Chinese Crypto Mining Threat
President Joe Biden recently issued an order to address potential national security risks posed by a Chinese-backed cryptocurrency mining operation near a critical U.S. military installation.
Key Points to Remember 🧐
- President Biden’s order prohibits MineOne Cloud Computing Investment, a Chinese-owned company, from owning land near a military base in Wyoming.
- The order aims to address national security concerns, including surveillance risks and the use of foreign equipment.
- MineOne acquired the property without proper clearance and developed it for cryptocurrency mining.
- The company has been instructed to divest ownership within 120 days and remove all mining-related equipment within 90 days.
The White House order mandates that MineOne divest all ownership interests in the land within 120 days and remove all equipment related to their crypto mining operations within 90 days due to significant national security concerns.
The decision followed the identification of potential risks by the Committee on Foreign Investment in the United States (CFIUS) after receiving a tip from the public.
MineOne’s acquisition of the property in June 2022 without proper CFIUS filings raised concerns, particularly as they proceeded to develop specialized crypto mining facilities using foreign equipment, near a critical military installation like the Francis E. Warren Air Force Base.
The Biden administration’s order highlights the importance of safeguarding national security interests, especially regarding foreign investments near sensitive military locations. It underscores CFIUS’s role in ensuring such investments do not compromise security.
In addition to divesting and removing equipment, MineOne and its affiliates are barred from accessing the site until they comply with all requirements set by CFIUS.
The company is obligated to work closely with CFIUS, providing regular updates on their compliance efforts and timelines for completing the necessary actions.
The order empowers the U.S. Attorney General to enforce compliance, warning against any attempts to evade or bypass the order.
Non-compliance could lead to further enforcement measures and penalties for MineOne and its associates.
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