HomeCryptoTreasury Department Bans Bitcoin Mining Company from Staying Near Military Base

Treasury Department Bans Bitcoin Mining Company from Staying Near Military Base


The US Treasury Department banned a Chinese-owned company from owning property near a military base. This is the Bitcoin mining company, MineOne, which works mainly with Chinese capital. The authorities of the North American country fear that the facilities could be used for espionage activities.

In a release recently published, the Treasury Department confirmed the divestment order to the aforementioned firm. They explain that being in the vicinity of a military center threatens the country’s national security. In that sense, they ordered the company to immediately withdraw from that center linked to mining cryptocurrencies.

MineOne’s purchase of properties located approximately one mile from a missile base occurred in 2022. At that time, the company made the respective investments without any objections to its establishment at the site. However, the deployment of new technologies near a sensitive military center is becoming a source of nervousness for the authorities.

Recently, the Committee on Foreign Investment in the United States reviewed the transaction and found national security risks. Hence, the aforementioned divestment will be ordered, considering the surveillance risks that this could entail against a critical infrastructure for the country’s defense.

Chinese Bitcoin Mining Company Is Silent

The Treasury’s measure to prohibit this Bitcoin mining company from operating in the aforementioned facilities is based mainly on caution. The Department has so far not found sufficient evidence that the company will carry out espionage or surveillance activities against the military base.

«Today’s divestment order underscores President Biden’s strong commitment to protecting America’s national security“said Treasury Secretary Janet Yellen in a statement.

It also highlights the critical watchdog role CFIUS plays in ensuring that foreign investment does not undermine our national security, particularly regarding transactions that pose risks to sensitive U.S. military installations, as well as those involving specialized equipment and technologies. .

Janet Yellen, US Treasury Secretary

Some specialized media tried to contact the Bitcoin mining company. However, it remains silent until the time of writing this note.

Joe Biden’s Democratic administration is characterized by a particular hostility to digital mining. This position is mainly based on the narrative that this industry is potentially polluting the environment. Despite this, there is no concrete evidence of this assumption.

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