Biden Blocks Chinese Miner from Owning Property Near Air Force Base

U.S. President Joe Biden has prohibited a mining company controlled by Chinese nationals from owning real estate near an Air Force base in Wyoming, according to a statement from the Treasury Department.

The President has mandated that MineOne Partners Limited sell the property due to national security concerns.

The firm, whose majority shares are held by Chinese investors, acquired the property in June 2022, located one mile from Warren Air Force Base, the site of strategic Minuteman III nuclear missiles.

The company immediately began renovating the site to launch cryptocurrency mining operations.

The transaction caught the attention of the Committee on Foreign Investment in the United States (CFIUS). Upon review, the Treasury-led body identified espionage risks.

“The proximity of a foreign cryptocurrency mining enterprise to a strategic missile base and a key component of the American nuclear triad, along with the presence of specialized foreign-made equipment potentially capable of facilitating surveillance and espionage, posed a significant national security threat,” the press release stated.

CFIUS, within its authority, initiated a referral to the President, who made the decision.

Committee specialists noted that MineOne Partners Limited did not register the transaction with the body as required. CFIUS experts discovered the property purchase by foreign investors through public data.

According to Treasury Secretary Janet Yellen, Biden’s order underscores the crucial role of CFIUS in ensuring that foreign investments do not undermine U.S. national security.

“Especially regarding transactions that pose a risk to sensitive U.S. military facilities and involve specialized equipment and technologies,” she added.

In the cryptocurrency community, criticism of Biden is growing amid statements from his upcoming election rival, Donald Trump, in support of the industry.

Cardano co-founder Charles Hoskinson claimed that the current president is deliberately trying to destroy the sector.

Uniswap founder Hayden Adams and billionaire Mark Cuban suggested that Biden’s hostility towards cryptocurrencies could lead to his defeat.