Overview
On Monday, President Biden signed an executive order blocking a Chinese-linked company from purchasing land near a sensitive military base in Wyoming. The executive order cited national security concerns as the reason for the decision.
The company in question is a Chinese-owned mining company. It planned to build a massive bitcoin mining operation on land located just 12 miles from F.E. Warren Air Force Base, which is home to Minuteman III intercontinental ballistic missiles.
National Security Concerns
The Biden administration determined that the proposed bitcoin mining operation posed a threat to national security. The administration was concerned that the Chinese company could use the facility to gather intelligence or launch cyberattacks against the United States.
Additionally, the administration was concerned that the mining operation would use excessive amounts of electricity, potentially straining the local power grid and putting the base’s operations at risk.
Economic Impact
The decision to block the bitcoin mining operation is expected to have a significant economic impact on the region. The company had promised to invest heavily in the area and create hundreds of jobs.
However, local officials are optimistic that they will be able to attract other businesses to the area and mitigate the economic impact of the decision.
What’s Next?
The Chinese company has not yet commented on the decision. It is unclear whether the company will challenge the executive order in court.
However, the decision is a significant victory for the Biden administration and sends a clear message that the United States will not tolerate Chinese investment in sensitive military areas.
Key Points
Kind regards S. de Vries.
