tl;dr
The White House has ordered a Chinese-owned cryptocurrency mining facility, MineOne, near a U.S. nuclear missile base in Wyoming to cease operations due to national security concerns. The company is accused of setting up the operation without proper clearance and using foreign-source technology. The...
The White House has ordered a Chinese-owned cryptocurrency mining facility, MineOne, near a U.S. nuclear missile base in Wyoming to cease operations due to national security concerns. The company is accused of setting up the operation without proper clearance and using foreign-source technology. The order requires the removal of all equipment and improvements within a mile of the military facility.
The Department of the Treasury emphasized the role of the Committee on Foreign Investment in the United States (CFIUS) in safeguarding national security. MineOne has not yet responded to the order.
The order to shut down the Chinese crypto-mining operation near the U.S. nuclear missile base was issued by President Joe Biden, citing it as a threat to national security. The mining facility near Warren Air Force Base in Wyoming, owned by a company majority-owned by Chinese nationals, is required to remove all improvements and mining equipment within a mile of the military facility.
The White House order alleged that the company acquired the land and started work without filing with CFIUS, and highlighted the presence of foreign-sourced specialized equipment used for cryptocurrency mining operations, posing significant national security concerns.
Treasury Secretary Janet Yellen underscored the importance of CFIUS in preventing foreign investment from undermining national security, especially in transactions involving sensitive U.S. military installations and specialized equipment and technologies.
MineOne has not responded to requests for comment. The company, which raised over $20 million in its first funding round, is yet to provide a statement regarding the shutdown order.
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