A Bitcoin mine in Channing, Texas, consists of several dozen buildings designed to hold 6,000 specialized computers. Credit...Paul Ratje for The New York Times

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

       A legal dispute in a tiny Texas town unexpectedly reveals how Chinese nationals can move money to the U.S. without drawing the attention of authorities in either country.

       A Bitcoin mine in Channing, Texas, consists of several dozen buildings designed to hold 6,000 specialized computers.Credit...Paul Ratje for The New York Times

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       By Michael Forsythe and Gabriel J.X. Dance

       Dec. 25, 2023

       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 without drawing the attention of authorities in either country.

       The Texas facility, a large computing center, was not purchased with dollars. Instead, it was bought with cryptocurrency, which offers anonymity, with the transaction routed through an offshore exchange, preventing anyone from knowing the origin of the financing.

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       Michael Forsythe is a reporter on the investigations team. He was previously a correspondent in Hong Kong, covering the intersection of money and politics in China. He has also worked at Bloomberg News and is a United States Navy veteran. More about Michael Forsythe

       Gabriel J.X. Dance is the deputy investigations editor. His reporting focuses on the nexus of privacy and safety online and has prompted Congressional inquiries and criminal investigations. More about Gabriel J.X. Dance

       A version of this article appears in print on Dec. 26, 2023, Section A , Page 1 of the New York edition with the headline: A Crypto Mine Brings Secrets To the Surface . Order Reprints | Today’s Paper | Subscribe

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