Biden blocks China-backed crypto mining firm from Wyoming

Bitcoin and Cryptocurrency Mining in the U.S.

The United States government has issued an order to halt the construction of a Chinese-backed cryptocurrency mining operation in Wyoming due to national security concerns. The company, MineOne Cloud Computing Investment, was required to divest the property near an air force base in Cheyenne.

Concerns Raised by Tech Giant Microsoft

In October 2023, Microsoft flagged the mining site as a potential intelligence collection operation, prompting an alert to the Federal Committee on Foreign Investment in the United States. The company raised concerns about the presence of Chinese nationals near strategic U.S. military bases.

Chinese-Owned Crypto-Mining Farms in the U.S.

Following a ban on crypto mining in China in 2021, Chinese-owned mining farms have migrated to the U.S., attracted by cheap electricity rates in states like Texas, Wyoming, Arkansas, and Ohio. The Biden administration recently imposed a 30% tax on electricity use by miners, sparking criticism from industry figures.

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