News - Joe Biden closes Chinese mining facility

By Mike Hesp

Joe Biden closes Chinese mining facility

USA
Mining

US President Joe Biden announced the closure of a mining facility ordered. It is located near a military base and is owned by Chinese entrepreneurs.

The American President Joe Biden has issued an executive order signed to shut down a cryptocurrency mining facility near a nuclear missile base in Wyoming. The facility is "majority owned by Chinese nationals."

The order issued May 13 by the White House requires MineOne Cloud Computing Investment company to sell the property.

Biden justified the move with national security concerns.

"There is credible evidence that leads me to believe that MineOne Partners Limited, a company in the British Virgin Islands that is ultimately majority owned by Chinese nationals [...], may take actions that threaten to compromise the national security of the United States," Biden explained.

MineOne acquired the property in June 2022, stating that the nearby military facility is a strategic missile base where intercontinental ballistic missiles are stationed.

The company has been ordered to remove all mining equipment. The property must be surrendered within 120 days.

"Today's divestment order underscores President Biden's unwavering commitment to protecting the national security of the United States," added Treasury Secretary Janet Yellen.

The proximity "to a strategic missile base" and "the presence of specialized equipment of foreign origin that could potentially facilitate surveillance and espionage activities" posed "a significant risk to national security."

The move comes amid a highly charged trade dispute between the two superpowers, the U.S. and China. A few days ago, the US government announced drastic tariff increases on Chinese imports.

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