In a move to address national security concerns, the White House has directed MineOne Partners, a cryptocurrency mining firm majority-owned by Chinese citizens, to sell its land located less than a mile away from the Francis E. Warren Air Force Base in Wyoming. The base houses intercontinental ballistic missiles, making the proximity of the foreign-owned operation a potential risk.
The order, issued by President Joe Biden, gives MineOne Partners 120 days to divest the property where it operates a crypto-mining facility. The White House cited the presence of specialized and foreign-sourced equipment capable of facilitating surveillance and espionage activities as the primary reason for this decision.
According to the statement released by the White House, “The proximity of the foreign-owned Real Estate to a strategic missile base… and the presence of specialized and foreign-sourced equipment potentially capable of facilitating surveillance and espionage activities, presents a national security risk.”
The purchase of the land by MineOne in 2022 and the subsequent installation of cryptocurrency mining equipment went unnoticed by the Committee on Foreign Investment in the United States (CFIUS), a powerful body that scrutinizes deals for national security threats. Authorities were alerted to the transaction by a tip from a member of the public.
Treasury Secretary Janet Yellen emphasized the critical role played by CFIUS, stating, “President Biden’s decision to force MineOne to sell the land highlights the critical gatekeeper role that CFIUS serves to ensure that foreign investment does not undermine our national security.”
The announcement comes amid growing concerns among US lawmakers about Chinese purchases of property near sensitive military facilities and the potential risks they may pose. It also precedes the Biden administration’s plan to sharply increase tariffs on several Chinese imports, including electric vehicles, further escalating trade tensions between the two nations.
