Bitmain mining company fined by Beijing Taxation Bureau


Colin Wu, a prominent cryptocurrency journalist, reported that Bitmain, the world's largest bitcoin miner, received a reprimand from the Beijing Taxation Bureau and had to pay about $3.55 million in April 2023 as a penalty for not paying individual income taxes.

An industry insider recalled that Chinese authorities have recently become more vigilant when it comes to taxing firms in the sector, mainly targeting bitcoin miners and large traders.

It was previously reported that Celsius Network intended to raise around $14 million by offering discount coupons to Bitmain, presumably in order to pay off at least some of its debtors.

Corporation executives therefore decided to launch vouchers offering a 10-30% discount on Bitmain's mining equipment. The popular Antminer series was included in this offer. Moreover, possible buyers could take advantage of a credit programme or instalment payment for the purchase.

In 2022, miners around the world faced enormous difficulties. A real financial crisis broke out in the industry, and several major companies were forced to shut down their activities due to a lack of funds. This was mainly due to the sharp drop in the value of Bitcoin (BTC) from its highest point in November 2021. In addition, many countries have raised electricity tariffs, making it unprofitable for businesses and leading to a wave of bankruptcies that has left only the most resilient in business.

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