President Biden Orders Chinese-Owned Cryptocurrency Mine Near Air Force Base to Shut Down and Sell
President Biden Orders Chinese-Owned Cryptocurrency Mine to Shut Down
President Biden on Monday ordered a company with Chinese origins to shut down and sell the Wyoming cryptocurrency mine it built a mile from an Air Force base that controls nuclear-armed intercontinental ballistic missiles.
National Security Concerns
The cryptomining facility, which operates high-powered computers in a data center near the F.E. Warren base in Cheyenne, “presents a national security risk to the United States,” the president said in an executive order, because its equipment could be used for surveillance and espionage.
Chinese-Owned Cryptomining Operations in the United States
Chinese-owned cryptocurrency mines have boomed in the United States since the facilities were effectively banned in China in 2021. While some cryptomining has since restarted in China, Chinese crypto entrepreneurs are drawn to the United States for its relatively cheap electricity and well-developed legal system.
Recent Actions Against Chinese-Owned Cryptomining Operations
President Biden’s order comes on the heels of his signing a bipartisan bill in late April banning the social media app TikTok in the United States unless its Chinese owner sells it. This is also the second time in recent weeks that Chinese-owned cryptomining operations have been targeted by elected officials.
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