{"id":628036,"date":"2023-04-11T17:53:03","date_gmt":"2023-04-11T22:53:03","guid":{"rendered":"https:\/\/news.sellorbuyhomefast.com\/index.php\/2023\/04\/11\/bitcoin-mining-bitmain-hit-with-hefty-fine-nc-county-considers-halting-mining\/"},"modified":"2023-04-11T17:53:03","modified_gmt":"2023-04-11T22:53:03","slug":"bitcoin-mining-bitmain-hit-with-hefty-fine-nc-county-considers-halting-mining","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2023\/04\/11\/bitcoin-mining-bitmain-hit-with-hefty-fine-nc-county-considers-halting-mining\/","title":{"rendered":"Bitcoin Mining: Bitmain Hit With Hefty Fine, NC County Considers Halting Mining"},"content":{"rendered":"
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You are here: Home<\/span><\/a><\/span>\/<\/span> News<\/span><\/a><\/span>\/<\/span> Bitcoin Mining: Bitmain Hit With Hefty Fine, NC County Considers Halting Mining<\/p>\n

\"Bitcoin\"<\/p>\n

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According to a report, the world\u2019s largest Bitcoin mining machine company, Bitmain, was slapped by the Beijing tax bureau in April with a hefty fine of about $3.55 million.<\/p>\n

The company was found guilty of mainly unpaid personal income taxes, as the Chinese government has been ramping up its tax inspections on the cryptocurrency industry since last year. However, Bitmain has not released any official statement regarding the fines.<\/p>\n

It is not the first time Bitmain has previously caught the attention of the authorities on multiple occasions concerning tax-related matters.\u00a0<\/p>\n

The Fourth Inspection Bureau of the Beijing Municipal Taxation Bureau of the State Administration of Taxation recently imposed a penalty of approximately 24.9687 million yuan on the company for various infractions, as reported by the Qichacha APP.<\/p>\n

The details of the violation indicate that under the \u201cTax Collection and Administration Law of the People\u2019s Republic of China,\u201d the organization must deduct and remit individual income tax for perks such as travel subsidies provided to its employees.<\/p>\n

However, in August 2022, the inspectors delivered the \u201cNotice of Order to Correct Within a Deadline\u201d to Beijing Bitmain. But the company has failed to withhold and pay the above-mentioned personal income tax, totaling 16.6458 million yuan.<\/span><\/p>\n

This latest development clearly indicates that the Chinese government is taking a firm stance against tax evasion in the cryptocurrency industry, particularly targeting Bitcoin miners and large traders.\u00a0<\/p>\n

The government is expected to persist in its efforts to control Bitcoin miners and major traders, and individuals who are caught breaking tax regulations could potentially face significant fines. The goal is to make certain that these companies adhere to the country\u2019s tax statutes and rules.<\/p>\n

The recent penalty levied on Bitmain highlights the importance of adhering to tax laws and regulations for all businesses operating in China.\u00a0<\/p>\n

Companies in the cryptocurrency sector need to take a proactive approach to comply with regulations to prevent facing significant fines and legal disputes down the road, given the heightened scrutiny of governments worldwide.<\/p>\n

According to another\u00a0latest update<\/a>, Buncombe County in North Carolina is proposing to temporarily halt Bitcoin and cryptocurrency mining in the area for one year.<\/span><\/p>\n

The county commissioners have expressed concerns about the impact of mining on the environment and the community. Currently, the county\u2019s ordinances do not specifically address cryptocurrency mining.\u00a0<\/p>\n

A public hearing is scheduled for May 2, where community members can share their thoughts on the proposed moratorium. Similar concerns have been raised across the US, with a Texas Senate committee recently passing legislation limiting energy agreements for Bitcoin mining.<\/p>\n

Meanwhile, US Bitcoin Corp reached a tentative agreement to resume operations after complying with regulations.<\/p>\n

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\n Mishal Ali<\/p>\n","protected":false},"excerpt":{"rendered":"

You are here: Home\/ News\/ Bitcoin Mining: Bitmain Hit With Hefty Fine, NC County Considers Halting MiningAccording to a report, the world\u2019s largest Bitcoin mining machine company, Bitmain, was slapped by the Beijing tax bureau in April with a hefty fine of about $3.55 million.The company was found guilty of mainly unpaid personal income taxes<\/p>\n","protected":false},"author":1,"featured_media":628037,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4041,24322],"tags":[],"class_list":["post-628036","post","type-post","status-publish","format-standard","has-post-thumbnail","category-bitcoin","category-mining"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/628036","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=628036"}],"version-history":[{"count":0,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/628036\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media\/628037"}],"wp:attachment":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media?parent=628036"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/categories?post=628036"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/tags?post=628036"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}