President Biden Orders A Bitcoin Miner Operator In Wyoming To Divest Alleging Ties To China
Air Force fears lead Wyoming Bitcoin miner operator warning to divest interest due to alleged ties with China, following President Biden’s order in the United States.
Crypto and Bitcoin regulations are evolving in the United States. However, judging from the current administration’s declarations over its years in power, analysts think President Biden opposes cryptocurrencies.
Their position is clear from claiming that Bitcoin mining is a waste and that the United States SEC is cracking down on protocols launching on decentralized networks.
While Bitcoin mining has been said to benefit the national grid and help stabilize the network during surges, an executive order issued on Monday could hint at what lies ahead.
Divest Your Operations: President Biden Orders
Citing national security concerns, President Biden ordered MineOne Partners Limited, a company registered in the British Virgin Islands, to divest their interest in a Bitcoin mining facility, alleging ties to China.
The mining farm in Wyoming is roughly a mile from the Francis E. Warren Air Force Base. State and Federal authorities were reportedly not comfortable with the miner being near such a critical installation managing nuclear-armed intercontinental ballistic missiles.
Moreover, the committee overseeing foreign investment risks said that besides the proximity, “specialized equipment” was shipped to enable mining.
President Biden is taking action roughly a year after MineOne acquired the data center. The United States government wants its operators to sell their holdings within four months.
As part of the “insurmountable” risks, the committee said MineOne operators won’t access the site. Moreover, they have three months to remove all physical structures or installations.
In 2022, Microsoft, a United States technology company with a data center in the same area, also raised concern that MineOne could enable intelligence operations near the Air Force base.
Microsoft reported MineOne to an inter-agency Committee on Foreign Investment in the United States.
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United States Is A Power House In Bitcoin Mining
Following the ban on crypto mining operators in mainland China in 2021, most operators shifted their gear to the United States. This migration allowed the United States to be the world’s largest source of Bitcoin hash rate.
Leading companies like Riot Blockchain and Marathon Digital continue to operate and expand, even going public. The Foundry USA is also the largest mining pool.
Even so, amid the boom, there have been concerns.
In February, residents of Granbury, Texas, complained about the noise pollution from the mining farm. The irritating “hum” from the cooling fans needed to keep miners cool, one resident said, is “like sitting on the runway of an airport where jets are taking off, one after another.”
In 2022, New York imposed a moratorium on Bitcoin mining, citing concerns about the overuse of renewable energy resources.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital
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