Bitcoin

Giant

Bison Blockchain, a prominent Wyoming-based bitcoin mining company, warns of a significant Chinese corporate infiltration in the state. The company's spokesperson, Sean Murphy, revealed this alarming development during a legislative committee meeting on Wednesday. He indicated a complex network of Chinese-connected entities are exploiting Wyoming's regulatory environment, according to <a href="https://cowboystatedaily.com/2023/09/06/bitcoin-miner-warns-lawmakers-of-chinese-takeover-in-wyoming/" rel="noopener noreferrer nofollow">cowboystatedaily</a>. 
Murphy highlighted these corporations have overtaken local enterprises, leveraging connections to massive Chinese companies. This development threatens Bison Blockchain's operations outside Cheyenne, following their acquisition of lands in proximity to Murphy's mining facilities. Notably, some of these corporations had previous relations with Bison, which now faces a disheartening displacement. 
Bison Blockchain recently launched a $22 million lawsuit against several firms linked to these Chinese entities. The case, filed in Wyoming's federal court, accuses the corporations of various contract breaches and intentional interference with contractual relationships. These events unfolded amidst Bison's ambitious expansion plans, backed by a substantial service agreement with Black Hills Energy. 
The agreement, established in June 2022, projected a significant increase in Bison's crypto mining operations, boasting up to 75 megawatts of power. Unfortunately, this groundbreaking partnership now seems jeopardized, as Chinese companies appear to hijack Bison's service contract with Black Hills. Murphy emphasized that these developments could lead to significant revenues flowing to <a href="https://ultramining.com/news/en/immersion-cooling-transforms-chinas-crypto-mining-landscape/" rel="noopener noreferrer nofollow">China</a>, undermining Wyoming's economic prospects. 
Murphy conveyed his company's determination to persist despite the unfolding corporate siege. Bison intends to honor its existing agreements with the state and compete fiercely against the new Chinese entrants. However, Murphy urged the legislative committee to reinforce state regulations to protect local businesses from potential exploitation. 
Meanwhile, State Senator Tara Nethercott posed a critical question regarding Bison's future business strategies. In response, Murphy did not dismiss the possibility of selling to a lucrative bidder someday but emphasized a newfound wariness towards partnerships with Chinese companies. 
Murphy suggested that the state government should consider venturing into the lucrative bitcoin sector, hinting at potential avenues for increased state revenues. This bold proposal comes at a time when the <a href="https://ultramining.com/news/en/major-bitcoin-mining-pool-foundry-usa-to-introduce-fee-structure/" rel="noopener noreferrer nofollow">US</a> government's involvement in bitcoin remains limited to asset seizures. 
Subscribe to our Telegram <a href="https://t.me/ultraminingcom" rel="noopener noreferrer nofollow">channel</a>! Only the most interesting stuff there

Wyoming Bitcoin Mining Giant Bison Blockchain Faces Chinese Corporate Invasion

Ultramining_Eng

Other articles published on Sep 7, 2023

Blackfort Exchange Announces upcoming $BXN Airdrop and new Blackfort Wallet features

Vitalik Buterin Co-authors Paper Addressing Blockchain Privacy

Altcoin Daily Forecasts $50,000 Ethereum Following the Highly Anticipated ETF

PGR Stock Price Prediction: Bulls Gain Momentum, Targets $150

FASB Approves New Cryptocurrency Accounting Rules for Greater Transparency

Blockchain in Gaming Unwelcome: “Gamers Don’t Like NFTs in Their Games”

Join our free newsletter for daily crypto updates!