President Joe Biden recently issued an order blocking MineOne, a majority Chinese-backed crypto mining firm, from owning land near a strategic nuclear missile base in Wyoming due to security concerns. The White House announced that there is credible evidence that MineOne Partners Limited, a company based in the British Virgin Islands, is mostly owned by Chinese nationals. The firm’s acquisition of real estate placed it within 1 mile of Francis E. Warren Air Force Base, prompting the government to approve a divestment order and shutdown its operations. The U.S. government cited concerns about specialized equipment and potential surveillance which could pose a national security risk.
The transaction in question was not initially filed with the Committee on Foreign Investment in the United States (CFIUS), as required by law, until after a public tip prompted an investigation by the regulatory body. CFIUS is responsible for reviewing the national security implications of foreign investments in the U.S. The decision to block MineOne’s ownership highlights the ongoing great power rivalry between the U.S. and China, the world’s top two economies, which has intensified in recent years. The move also comes amidst a backdrop of escalating tensions in the U.S.-China trade war.
With the 2024 presidential election race heating up, the U.S. trade fight with China has taken center stage. Recent meetings between Secretary of State Antony Blinken and China’s leader, Xi Jinping, have highlighted the calls from both current President Biden and former President Trump for more trade restrictions on China. In response, Beijing has imposed new levies on some U.S. imports. Despite being legal in the U.S., crypto mining has faced opposition from authorities due to its high energy consumption and resulting environmental impact. As concerns over national security and economic competition persist, the U.S. government’s decision to block MineOne’s ownership near a nuclear missile base underscores the complex challenges posed by foreign investments in sensitive areas.
