President Joe Biden has mandated the cessation of operations at a cryptocurrency mining facility near Warren Air Force Base in Wyoming, citing national security risks. The facility, operated by MineOne, a company with majority Chinese ownership based in the British Virgin Islands, is situated dangerously close to the base, which is home to Minuteman III nuclear missiles.
Details of the Shutdown
The White House directive issued on Monday states that MineOne acquired the property in 2022 without proper notification to the Committee on Foreign Investment in the United States (CFIUS), prompting an investigation into the acquisition following a tip-off. The order demands the removal of all mining equipment and improvements made to the site, which is located less than a mile from the military facility.
The presence of foreign-sourced specialized equipment used for cryptocurrency mining raised alarms about potential espionage or sabotage given its proximity to critical national defense assets.
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Enforcement and Implications
The order empowers the U.S. Attorney General to enforce the shutdown and take necessary actions to ensure compliance. This move underscores the importance of CFIUS in regulating foreign investments that could pose threats to national security, particularly near sensitive military installations.
Secretary of the Treasury Janet Yellen highlighted the action as a demonstration of the essential role CFIUS plays in safeguarding U.S. national interests against risky foreign investments, especially those involving specialized technologies.
