BTC Miner Bitmain Fined $3.6M in China: Report

BTC Miner Bitmain Fined $3.6M in China: Report

Bitman Technologies, a Bitcoin
(BTC) mining firm based in Beijing, China, has reportedly been fined $25
million yuan ( $3.6 million) by local tax authorities. Local news outlet Sina
Finance reported on Tuesday that the fine was imposed by the
Beijing Municipal Taxation Bureau of the State Administration of
Taxation.

According to the outlet, the BTC
mining firm withheld a total of 16.6 million yuan ($2.4 million) in personal
income tax ought to be paid on its employees’ travel subsidiaries and other
benefits. The outlet attributed the details to Qichacha, a Chinese platform that offers data on private and public companies in the country.

Furthermore, Sina Finance
reported that in August 2022, the company was served with a notice
to pay the said sum. However, it failed to pay the sum, the report said.
Bitmain is yet to release an official comment on the development as of press
time.

Bitmain was founded in 2013 by
Co-Founders Micree Zhan and Jihan Wu. Apart from operating BTC.com and Antpool, which are two mining pools for BTC, the
company is also a leading manufacturer of Bitcoin mining hardware.

Bitmain Faces
Chinese Crypto Crackdown

In recent years, the company has had trouble with its
manufacturing business in China owing to government crackdown on cryptocurrency
mining. In October 2021, the company announced that it will halt the supply of its Antminer to mainland China (excluding Hong
Kong and Taiwan) from the 11th of that month.

Months earlier, that is in June
2021, the manufacturer halted the global sales and delivery of its machines amidst government
crackdown on crypto mining. Furthermore, Finance Magnates reported that in November of that
year, the Chinese authorities warned state-owned companies against dealing in crypto mining and threatened to
impose punitive measures against firms that run afoul of its rules.

However, the question of whether
China will soften its hard stance against cryptocurrency in light of the new crypto regulations in Hong Kong remains unanswered.

Bitcoin breaks $30K; Cypator’s crypto ECN; read today’s news nuggets.

This article was written by Solomon Oladipupo at www.financemagnates.com.

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