14 Nov Cryptocurrency Mining Farms In China Shut Down For ‘Strict’ Tax Inspections
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Cryptocurrency mining operations in the Chinese provinces of Xinjiang and Guizhou were suspended so the government could conduct “very strict” tax inspections and real-name registration checks.
Power to the mining farms was shut off on November 5, sources told local daily Cong News. As a result, the mines lost about 1 million yuan (or roughly $143,700) a day during the period of “rectification.”
“Joint enforcement actions examined the mine’s tax information, funds, and customer information,” Cong News reported. “It is understood that the tax inspection of the mine is very strict.”
Mining Farms Required To Sign Pledge
The tax inspection is now complete, but it’s unclear if power to the mining farms has been restored yet.
“It is understood that the mines, including business licenses, state-of-the-art power supply procedures, and employee Social Security, are officially complete,” Cong News noted.
The mining farms were…
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