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Citing worries about national security, President Joe Biden signed an order on Monday requiring the closure of activities at a cryptocurrency mining site close to Warren Air Force Base in Wyoming.
The White House directive went after MineOne, a cryptocurrency mining company that is mostly controlled by Chinese nationals and is situated less than a mile from the Minuteman III nuclear missile station in Cheyenne.
According to the White House, MineOne, managed by a British Virgin Islands company, initiated operations on the property without undergoing the requisite review by the Committee on Foreign Investment in the United States (CFIUS). An investigation ensued following a tip regarding the acquisition of the land in 2022.
Significant national security threats were highlighted by the ruling due to the existence of specialized equipment used for cryptocurrency mining on the premises that was acquired from abroad. The Department of the Treasury emphasized the vital function of the CFIUS in controlling transactions involving specialized technology and protecting sensitive military sites.
The significance of the CFIUS in averting foreign investments that may jeopardize national security was emphasized by Treasury Secretary Janet Yellen. This is especially true of investments that affect cutting-edge technology and military facilities.
In response to queries sent through its official website, MineOne, the subject of the directive, declined to respond immediately.