Tag: Bitcoin (Currency)

This N.Y.U. Student Owns a $6 Million Crypto Mine. His Secret Is Out.

Media Library

Jerry Yu has the trappings of what the Chinese call second-generation rich. He boasts a Connecticut prep-school education. He lives in a Manhattan condominium bought for $8 million from Jeffrey R. Immelt, the former General Electric chief executive. And he is the majority owner of a Bitcoin mine in Texas, acquired last year for more than $6 million. Mr. Yu, a 23-year-old student at New York University, has also become — quite unintentionally — a case study in how Chinese nationals can move money from China to the United States…

Across U.S., Chinese Bitcoin Mines Draw National Security Scrutiny

Media Library

When a company with Chinese origins broke ground last year on a crypto-mining operation in Cheyenne, Wyo., a team at Microsoft that assesses national security threats sounded the alarm. Not only was the site next door to a Microsoft data center that supported the Pentagon — it was about a mile away from an Air Force base that controlled nuclear-armed intercontinental ballistic missiles. The location could allow the Chinese to “pursue full-spectrum intelligence collection operations,” the Microsoft team wrote in an August 2022 report to the Committee on Foreign Investment…

Interest Rate Jitters Sink the Giants of Tech

Media Library

Market whiplash In the span of a month, the bottom has dropped out of the bull-market rally as investors have come to grips with the prospect of “higher for longer” interest rates worldwide. The sell-off in global stocks and bonds picked up steam on Thursday. And weary market watchers will be looking for more hints on the Fed’s view at next week’s Jackson Hole summit of central bankers and policymakers. Technology stocks have been hit particularly hard. The high-flying FANG+ Index — which comprises the largest tech stocks by market…