TechFlow, September 9 — According to Theminermag, U.S. Republican Representative Zachary Nunn sent a letter to Treasury Secretary Scott Bessent urging the Committee on Foreign Investment in the United States (CFIUS) to investigate Bitmain and its affiliated Bitcoin mining company Cango over national security concerns.
Representative Nunn stated that the two companies "appear to be expanding operations in the United States through complex ownership structures and financing arrangements that may not be fully transparent to regulators or the public." Risks cited include Cango's ties to foreign government actors, reports of Bitmain's interest in U.S. power generation assets, and policy implications of foreign-made mining chips operating domestically.
Cango has recently transitioned into Bitcoin mining and produced 664 bitcoins in August, making it the third-largest miner in the industry. Bitmain denies seeking to acquire Cango, and both companies say they comply with U.S. laws.
