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.

Do you want to always be updated in the world of cryptocurrencies? Subscribe now to whatsapp channel from CryptoTendencia! Here you will instantly receive the most relevant information about Bitcoin, Altcoins, DeFi, NFTs, Blockchain and the Metaverse.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

LATEST POSTS

Solana (SOL) price leads the crypto market in the last week

The cryptocurrency market has seen a large rally in recent hours, with Bitcoin surpassing the $67,000 barrier....

How the tax reform in Argentina would impact cryptocurrency users

Key facts: The reforms would benefit thousands of cryptocurrency users in taxes. Taxes on personal property, profits and monotribute could have modifications. This...

El Salvador and Kazakhstan join forces to expand the use of bitcoin

Key facts: They want to improve “cooperation, assistance and facilitation” of information exchange. El Salvador has already become a reference for the...

Most Popular

spot_img