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Chinese firms are mining bitcoin next to critical US infrastructure

Last year, a Chinese company embarked on the construction of a crypto-mining operation in Cheyenne, Wyoming, raising concerns among Microsoft's national security threat assessment team.

The site's proximity to a Microsoft data center supporting the Pentagon and its 1.6-kilometer distance from an Air Force base controlling nuclear-armed intercontinental ballistic missiles prompted Microsoft to express the potential for the Chinese to engage in "full-spectrum intelligence collection operations."

U.S. government officials, speaking anonymously, confirmed they had been monitoring the Wyoming operation for months in response to Microsoft's warning. These national security concerns regarding the Wyoming site, previously unreported, are part of a broader apprehension about the recent surge in Chinese bitcoin mines across the United States.

You can read more on the matter here.

What’s going on?

• Liberals Lose Ground As Conservatives Strengthen Lead In Polls (theDeepDive)

• Biden Pledges $7 Billion For Hydrogen Hubs (theDeepDive)

• Georgia man slapped with $1.4M speeding ticket for driving 35 mph over limit (NYP)

• New York Declines Further Funding For Offshore Wind Projects (theDeepDive)

• Taylor Swift’s Eras Tour Film Brings In $95 – $97 Million In Opening Weekend (theDeepDive)

• Solar-powered off-road car finishes 620-mile test drive across North Africa (TG)

• France and Mongolia Strike $1.7 Billion Uranium Mining Deal (theDeepDive)

• Quebec Doubles Tuition Rates for Non-Francophone Students (theDeepDive)

• Xi’s $1 Trillion ‘Project of the Century’ Gets a Reality Check (Bloomberg)

• SpaceX Refutes FAA’s Concerns on Starlink’s Deadly Ground Risks (theDeepDive)

What’s the latest?

• Inflation Boosts Sales Figures: In August, Canada's economy showed positive signs as manufacturing sales increased by 0.7% to reach $72.4 billion. Wholesale trade sales, excluding certain categories like petroleum products and oilseed and grain, saw a 2.3% increase to reach $83 billion. However, it's worth noting that some of the sales growth was attributed to higher prices, as sales in real terms decreased by 0.7% in August.

• LinkedIn Layoffs: LinkedIn is planning to lay off more than 660 employees across various teams, including engineering, product, talent, and finance. This represents over 3% of the company's global workforce. This move comes after LinkedIn cut 716 jobs in May and closed its Chinese app InCareer.

• Greenbelt Reversal: Ontario Premier Doug Ford's government is set to table legislation to reverse its 2022 decision to remove land from the province's Greenbelt for housing development. The proposed bill aims to strengthen Greenbelt protection by defining its boundaries in law. While it's not necessary to bring in legislation to return the land to the Greenbelt, the government's approach is intended to put the matter to rest amid ongoing investigations.

• Bitcoin Pumps & Dumps: Bitcoin experienced significant price volatility following rumors that BlackRock had received approval from the SEC to launch a spot Bitcoin ETF. The price of Bitcoin briefly surged to $30,000 before quickly reversing those gains after the rumor was debunked.

• Offshore Potential: A report from the Public Policy Forum suggests that Atlantic Canada is well-positioned to become a global leader in renewable energy, particularly offshore wind. The Sable Island Bank alone could accommodate at least 1,000 offshore turbines, generating around 70,000 gigawatt hours of electricity, enough to supply almost twice the total electricity currently consumed in Atlantic Canada each year.

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The stock market and stuff

• Teck Resources Misses Q3 Steelmaking Coal Guidance (theDeepDive)

• Albemarle Walks From Multi-billion Acquisition Of Liontown Resources (theDeepDive)

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• Tourmaline Oil Drops $1.45 Billion To Further Consolidate Alberta’s Deep Basin (theDeepDive)

In the juniors

• Power Nickel To Raise $2.75 Million For Further Exploration At Nisk (theDeepDive)

• Logistec to go private in $1.2B deal with Blue Wolf (SA)

• Rite Aid Files For Bankruptcy After Delaying Financial Results Last Week (theDeepDive)

FULL DISCLOSURE: Power Nickel is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is currently long the equity of Power Nickel. The author has been compensated to cover Power Nickel on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. We may buy or sell securities in the company at any time. Always do additional research and consult a professional before purchasing a security.