China has fined Bitmain, one of the world’s biggest producers of cryptocurrency mining rigs, nearly 25 million yuan (US$3.6 million) for alleged tax violations, according to the Beijing tax authorities.
See related article: Crypto miner Bitdeer to go public on Nasdaq via SPAC deal
Fast facts
- The Beijing branch of the State Taxation Administration said on its website that it fined Bitmain on April 4 for failing to comply with personal income tax regulations.
- The authority sent a notice on the violations to Bitmain in August last year but the company failed to withhold and pay about 16.6 million yuan in personal income tax.
- Bitmain did not immediately respond to Forkast’s request for comment.
- Founded in 2013, Bitmain is widely known for its Antminer series. On Tuesday, Nasdaq-listed U.S. crypto miner CleanSpark said that it had bought 45,000 new Antminer S19 XP units for US$144.9 million to double its current Bitcoin mining capacity, with all units expected to be ready for delivery by Bitmain by the end of September.
See related article: Bitcoin’s price gains this year bring needed relief to cash-strapped crypto mining industry