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Swedish Tax Agency Cracks Down on Cryptocurrency Mining Companies

Jonathan Wong

Jonathan Wong

17 April 2024

Sweden is demanding $90 million in unpaid taxes from cryptocurrency miners who evaded payments through deceptive business descriptions. The Swedish Tax Agency uncovered the misappropriations and found that 18 crypto-mining companies exploited tax benefits, resulting in unpaid VAT and tax penalties. The administrative court supported the appeals of two mining enterprises, while the remaining firms are obligated to remit the outstanding taxes.

Hive Digital Technologies, a crypto mining company, recently purchased a data center in Sweden to expand its operations and reinforce its commitment to environmental responsibility. The company actively promotes the use of environmentally friendly energy sources in its Bitcoin mining operations.

Hive operates data center facilities in Canada, Sweden, and Iceland, utilizing sustainable practices and energy efficiency. Its stock prices have decreased to $61,528 amidst the tax crackdown on cryptocurrency mining companies.

Swedish Tax Agency's investigation revealed deceptive practices in the cryptocurrency mining industry, leading to a demand for $90 million in unpaid taxes. Hive Digital Technologies' expansion in Sweden signifies its dedication to sustainable practices and environmental responsibility in the crypto mining sector.