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The tax authorities in China have conducted "very strict" tax inspections and registration checks of cryptocurrency mining operations in the provinces of Xinjiang and Guizhou. Prior to the inspection, the authorities ordered the energy to be closed to the operation. The closure and lack of energy costs the mining companies about 1 million yuam, or $ 143,700.
According to Cong News, who reported on the inspection, "joint control actions have examined tax information, funds and information on mine customers". Even if the inspection has come to an end, mining activities have not been authorized to continue conducting business.
In addition, officials have requested farm owners to sign agreements that would have implemented "higher standards for the company's real-name company system".
Another question that relates to the closure is whether it hit Bitmain, which recently provided Anthemer's 90,000.59 rights to the Xinjiang region just before Bitcoin Cash's hard fork. The hard fork is scheduled for November 15th. There are those who assume that the actions of Bitmain are an attempt to maintain market dominance and overcome smaller entities, such as Bitfury, which is currently planning in ICO in Europe. If Bitfury's ICO is successful, it will be one of the first listed in Europe.
The bitmain, on the other hand, seems to dominate the Asian markets. He recently held an IPO in Hong Kong and is succeeding in accumulating more revenue.
Outside of Asia and Europe, another company – Coinmint, is working to develop a mining center in New York Upstate. With regulations in place however, it is not clear how well the initiative will proceed. If successful, the mining company could create about 150 jobs and will be fully operational by the summer of 2019. According to Coinmint's Prieur Leary, "As long as bitcoin networks exist, we expect the mining sector to be profitable."
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