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United States President Joe Biden signed a decree preventing a crypto mining firm linked to China from continuing to use land near the Wyoming nuclear missile base. Announced by the White House on May 13, the order forces MineOne Cloud Computing Investment and its partners to divest properties operated as a crypto mining facility near the Francis E. Warren Air Force Base in Cheyenne, Wyoming.
Biden’s Noteworthy Step
Biden expressed national security concerns related to the cancellation of the firm’s property rights. MineOne had purchased the property in June 2022 and subsequently made improvements to use it for crypto mining near the Air Force base. The order stated that the military facility is a strategic missile base hosting intercontinental ballistic missiles.
The firm and its affiliates must also remove all equipment installed on-site following the improvements. The decision also prohibits Chinese-linked entities from further accessing the site located less than a mile from the base. The company has 120 days from the date of the order to sell the property, and the transfer of the property to third parties is not permitted.
This particular site had previously been flagged by technology giant Microsoft, which has a data center nearby. According to a 2023 investigation by the New York Times, the Microsoft team reported to the United States Foreign Investment Committee (CFIUS) in August 2022 that this location could enable Chinese intelligence gathering operations.
Treasury Secretary Janet Yellen, who also chairs the committee, stated that the order to force MineOne to sell the land highlights the critical watchdog role CFIUS plays in ensuring foreign investments do not harm our national security.
MineOne and the Mining Area
MineOne raised over $20 million in its first funding round within a month in 2021. According to the announcement at that time, the fund, launched in October 2021, was actively subscribed to by US institutional investors and high-net-worth individuals.
The Biden Administration had previously issued a pressure order targeting the US Bitcoin mining industry as part of its ongoing battle against crypto, citing China as an example. Crypto mining was largely restricted by the ruling regime in China in 2021, which initiated the migration of mining operations, most of which moved to the other side of the region in the US. The latest White House order came just one day before the Biden administration decided to sharply increase tariffs on many products imported from China, including electric vehicles.
