Biden bans Chinese Bitcoin mine near US nuclear missile base

Concerned over China’s backed cryptocurrency mining firm’s attempt to own land near the Wyoming nuclear missile base, President Joe Biden issued an order Monday blocking the firm from owning land citing its proximity to the base as a “national security risk.”

This development comes as the US is set to impose significant new tariffs on electric vehicles, semiconductors, solar equipment and medical supplies imported from China on Tuesday, according to a US official and another source familiar with the plan told news agency AP.

With election season underway, both President Biden and his presumptive Republican challenger, former President Donald Trump have promised voters a tough stance on China. Beijing, the world’s second-largest economy, is seen as an emerging geopolitical rival to the United States.

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The order forces the divestment of property operated as a crypto mining facility near the Francis E. Warren Air Force Base. MineOne Partners Ltd., a firm partly backed by Chinese nationals, and its affiliates are also required to remove certain equipment on the site.

The divestment order issued on Monday was coordinated with the US Committee on Foreign Investment in the United States (CFIUS). This powerful but little-known government committee investigates corporate deals for national security concerns. CFIUS has the authority to compel companies to alter ownership structures or divest completely from the US.

US intelligence officials have increasingly sounded the alarm on China’s influence operations within the country. According to reports, approximately half of states in the US, have laws in place that restrict foreign ownership of agricultural land while around 20 states permit foreign land investments.

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According to data from the non-profit National Agricultural Law Center, over 20 states are implementing new restrictions or updating existing legislation on foreign land acquisitions. Many states in the United States have already implemented laws to curb farmland sales to foreign investors and entities. A dozen states passed legislation in 2023 alone to restrict foreign investment in agricultural land, as per the National Agricultural Law Center.

According to a 2021 Department of Agriculture report, China’s ownership of agricultural land in the US stands at approximately 384,000 acres. This figure encompasses 195,000 acres, valued at nearly $2 billion at the time of purchase, held by 85 Chinese investors, including individuals, companies, or government entities.

According to a report by Forbes, an additional 189,000 acres are owned by 62 US corporations with Chinese shareholders, acquired for $235 million. Between 2015 and 2019, Chinese ownership of agricultural land in the US experienced a modest increase of approximately 550 acres.

However, a significant surge noted between 2019 and 2020, where a 30 per cent jump in ownership from around 247,000 acres to approximately 352,000 acres. Notably, US companies with Chinese shareholders contributed to this growth by acquiring 102,000 acres, more than doubling their acreage within that year.

China further added another 32,000 acres of US agricultural land in 2021, while not as substantial as the increase in 2020, still marked a 98% rise compared to the total growth from 2015 to 2019, as highlighted in the Forbes report. Concerns have been raised regarding the potential for the Chinese government, through these Chinese corporations, to attain control over American assets or access sensitive information within the US.