White House Bans Core Scientific's Bitcoin Mining Near Air Force Base
Core Scientific, the company behind MineOne, has been ordered to shut down its Bitcoin mining operations in Wyoming. The ban, effective May 13, 2023, follows a ruling by the White House citing national security risks. MineOne has 120 days to sell the land and 90 days to vacate the site, with employees only allowed to enter for evacuation purposes.
The mining farm, located less than a mile from the US Air Force base Francis E. Warren Air Force Base, houses LGM-30 Minuteman missiles. The White House's ban on mining operations in the area highlights the sensitivity of the location. Previously, Bison Blockchain, a Wyoming-based startup, had initiated the purchase of the land for MineOne. However, in late 2022, Chinese nationals replaced Bison Blockchain as the operators of two farms without explanation.
Core Scientific, which previously collaborated with Bitmain, the world's largest manufacturer of ASIC devices, operates several farms in the USA with a total capacity of 350 Petahash. This is roughly a thousandth of the entire Bitcoin network. Bison Blockchain had also negotiated a power contract with local supplier Black Hills Energy on behalf of MineOne for up to 75 megawatts. Tensions rose when Bison Blockchain filed a lawsuit against MineOne in March 2023, accusing it of acting like adversaries and taking over projects in North Range and Campstool.
The Committee on Foreign Investment in the United States (CFIUS) may oversee the work, inspect documents, interview employees, and carry out further necessary inspections. MineOne has until August 10, 2023, to sell the land and until August 11, 2023, to completely vacate the site. The ban and subsequent actions underscore the seriousness with which the US government views the potential national security risks posed by cryptocurrency mining operations near sensitive military installations.
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