In a decisive move to safeguard national security, US President Joe Biden has mandated the relocation of property owned by a Chinese-backed cryptocurrency mining firm, MineOne Partners, situated perilously close to a strategic nuclear missile facility.
The President’s directive comes amid escalating concerns over potential intelligence activities and the positioning of foreign-owned real estate near sensitive military installations.
The land in question, located less than a mile from the Francis E. Warren Air Force Base in Wyoming, is home to Minuteman III nuclear intercontinental ballistic missiles.
It is the oldest active military installation in the Air Force with its base situated on the west side of Cheyenne.
The presence of specialized and foreign-sourced equipment on the property, potentially capable of conducting surveillance activities on the base, was flagged as a significant national security risk.
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According to the BBC, President Biden’s order, which was issued on May 13, 2024, gives MineOne Partners a 120-day window to sell the land.
The company, which is majority-owned by Chinese citizens, had not notified the Committee on Foreign Investment in the United States (CFIUS) about the purchase, a requirement for foreign investments near critical infrastructure.
The announcement comes a day after Biden’s administration planned to increase tariffs on imported Chinese vehicles, solar equipment, and medical supplies.
Cryptocurrency miners play a crucial role in the blockchain ecosystem. Many of them make use of powerful computers to solve complex mathematical problems, validating transactions and adding them to the blockchain’s public ledger.
This process, known as Proof of Work, is not only computationally intensive but also ensures the security and integrity of the cryptocurrency network.
The decision to order the relocation reflects the US administration’s heightened scrutiny of foreign investments that have the potential to compromise national security.
This increased vigilance is in response to the evolving global landscape of cryptocurrency, where the convergence of technology and national security poses intricate and multiple challenges.
The US government’s action against MineOne Partners clearly indicates the rigorous measures being taken to address these challenges and protect the nation’s critical assets.
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