{"id":628030,"date":"2023-04-11T17:53:06","date_gmt":"2023-04-11T22:53:06","guid":{"rendered":"https:\/\/news.sellorbuyhomefast.com\/index.php\/2023\/04\/11\/btc-miner-bitmain-fined-3-6m-in-china-report\/"},"modified":"2023-04-11T17:53:06","modified_gmt":"2023-04-11T22:53:06","slug":"btc-miner-bitmain-fined-3-6m-in-china-report","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2023\/04\/11\/btc-miner-bitmain-fined-3-6m-in-china-report\/","title":{"rendered":"BTC Miner Bitmain Fined $3.6M in China: Report"},"content":{"rendered":"
\n

Bitman Technologies, a Bitcoin
\n(BTC) mining firm based in Beijing, China, has reportedly been fined $25
\nmillion yuan ( $3.6 million) by local tax authorities. Local news outlet Sina
\nFinance<\/em> reported<\/a> on Tuesday that the fine was imposed by the
\nBeijing Municipal Taxation Bureau of the State Administration of
\nTaxation. <\/p>\n

According to the outlet, the BTC
\nmining firm withheld a total of 16.6 million yuan ($2.4 million) in personal
\nincome tax ought to be paid on its employees\u2019 travel subsidiaries and other
\nbenefits. The outlet attributed the details to Qichacha, a Chinese platform that offers data on private and public companies in the country. <\/p>\n

Furthermore, Sina Finance<\/em>
\nreported that in August 2022, the company was served with a notice
\nto pay the said sum. However, it failed to pay the sum, the report said.
\nBitmain is yet to release an official comment on the development as of press
\ntime.<\/p>\n

Bitmain was founded in 2013 by
\nCo-Founders Micree Zhan and Jihan Wu. Apart from operating BTC.com and Antpool, which are two mining pools for BTC, the
\ncompany is also a leading manufacturer of Bitcoin mining hardware.<\/p>\n

Bitmain Faces
\nChinese Crypto Crackdown<\/h2>\n

In recent years, the company has had trouble with its
\nmanufacturing business in China owing to government crackdown<\/a> on cryptocurrency
\nmining. In October 2021, the company announced that it will halt the supply<\/a> of its Antminer to mainland China (excluding Hong
\nKong and Taiwan) from the 11th of that month. <\/p>\n

Months earlier, that is in June
\n2021, the manufacturer halted the global sales<\/a> and delivery of its machines amidst government
\ncrackdown on crypto mining. Furthermore, Finance Magnates <\/em>reported that in November of that
\nyear, the Chinese authorities warned state-owned companies<\/a> against dealing in crypto mining and threatened to
\nimpose punitive measures against firms that run afoul of its rules. <\/p>\n

However, the question of whether
\nChina will soften its hard stance against cryptocurrency in light of the new crypto regulations in Hong Kong<\/a> remains unanswered.<\/p>\n

Bitcoin breaks $30K; Cypator’s crypto ECN; read today’s news nuggets<\/a>.<\/em><\/strong><\/p>\n<\/div>\n

\n

Bitman Technologies, a Bitcoin
\n(BTC) mining firm based in Beijing, China, has reportedly been fined $25
\nmillion yuan ( $3.6 million) by local tax authorities. Local news outlet Sina
\nFinance<\/em> reported<\/a> on Tuesday that the fine was imposed by the
\nBeijing Municipal Taxation Bureau of the State Administration of
\nTaxation. <\/p>\n

According to the outlet, the BTC
\nmining firm withheld a total of 16.6 million yuan ($2.4 million) in personal
\nincome tax ought to be paid on its employees\u2019 travel subsidiaries and other
\nbenefits. The outlet attributed the details to Qichacha, a Chinese platform that offers data on private and public companies in the country. <\/p>\n

Furthermore, Sina Finance<\/em>
\nreported that in August 2022, the company was served with a notice
\nto pay the said sum. However, it failed to pay the sum, the report said.
\nBitmain is yet to release an official comment on the development as of press
\ntime.<\/p>\n

Bitmain was founded in 2013 by
\nCo-Founders Micree Zhan and Jihan Wu. Apart from operating BTC.com and Antpool, which are two mining pools for BTC, the
\ncompany is also a leading manufacturer of Bitcoin mining hardware.<\/p>\n

Bitmain Faces
\nChinese Crypto Crackdown<\/h2>\n

In recent years, the company has had trouble with its
\nmanufacturing business in China owing to government crackdown<\/a> on cryptocurrency
\nmining. In October 2021, the company announced that it will halt the supply<\/a> of its Antminer to mainland China (excluding Hong
\nKong and Taiwan) from the 11th of that month. <\/p>\n

Months earlier, that is in June
\n2021, the manufacturer halted the global sales<\/a> and delivery of its machines amidst government
\ncrackdown on crypto mining. Furthermore, Finance Magnates <\/em>reported that in November of that
\nyear, the Chinese authorities warned state-owned companies<\/a> against dealing in crypto mining and threatened to
\nimpose punitive measures against firms that run afoul of its rules. <\/p>\n

However, the question of whether
\nChina will soften its hard stance against cryptocurrency in light of the new crypto regulations in Hong Kong<\/a> remains unanswered.<\/p>\n

Bitcoin breaks $30K; Cypator’s crypto ECN; read today’s news nuggets<\/a>.<\/em><\/strong><\/p>\n<\/div>\n

Read More<\/a>
\n Solomon Oladipupo<\/p>\n","protected":false},"excerpt":{"rendered":"

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<\/p>\n","protected":false},"author":1,"featured_media":628031,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[22949,24726],"tags":[],"class_list":{"0":"post-628030","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-bitmain","8":"category-miner"},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/628030","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/comments?post=628030"}],"version-history":[{"count":0,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/628030\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media\/628031"}],"wp:attachment":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media?parent=628030"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/categories?post=628030"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/tags?post=628030"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}