Miner Maker Bitmain Faces $3.6M Fine From Chinese Authorities
The Chinese authorities have taken a stronger stance on the crypto industry this year, especially concerning Bitcoin miners and large traders, according to journalist Colin Wu.
This has caused a significant decline in the prices of Bitcoin miners; in March 2022, Bitmain released their Antminer S19 XP Hyd ASIC miner with an efficiency of 21 J/TH, which has since dropped in price by approximately half.
In light of this, the Beijing Tax Authority has fined Bitmain 24.97 million yuan (~$3.63 million) for not making deductions from employee transportation subsidies in accordance with the law.
The tax officials calculated the amount at 16.65 million yuan (~$2.42 million). In September 2021, Bitmain announced plans to move most of their production abroad and stop selling miners domestically in response to the government’s tightening policy.
