Canaan's Q4 2022 Revenue Declines by 82.1% YoY to $56.8M
Canaan, a Chinese Bitcoin miner and manufacturer of ASIC mining machines, reported an 82.1% YoY revenue decline to $56.8M in Q4 2022. The company's net income swung to a $63.6M loss due to inventory write-downs and research expenses. Despite the decline in revenue, Canaan's mining revenue improved by 368.2% YoY to $10.46M.
Coinbase Records Impressive Growth in Q2 Revenue, Earning 2.23B and Exceeding Analysts’ Expectations
Despite a volatile second-quarter period, Coinbase saw revenue increase in its cryptocurrency business, earning $2.23 billion in revenue.
IRS Sends Warning Letters to Prevent Crypto Owners from Evading Tax
The Internal Revenue Service began sending warning letters out to cryptocurrency owners in the United States, announcing that taxpayers should be paying back taxes they owe or to file amended tax returns in regards to their cryptocurrency holdings.
Canadian Tax Agency Asks Coinsquare Crypto Exchange to Hand Over Clients Personal Data
The Canada Revenue Agency has requested a judge of the Federal Court to force a crypto exchange to hand over information about all its customers.
UK's Tax Authority Ready to Invest Up to $130,000 in Blockchain Analytics Tool to Track Crypto Cybercriminals
The UK tax authority HM Revenue and Customs (HMRC), is looking for an analytics tool using blockchain to enhance the process of identifying criminals who are trading in cryptocurrencies online.
The UK's HMRC Begin Tax Talks for Cryptocurrency
November 2019 has seen newly published guidelines come into place, with Her Majesty’s Revenue and Customs (HMRC) collecting advice and consulting with third parties to create new principles on different taxes in the United Kingdom.
IRS Refuses Watchdog Request to Clarify 2019 Crypto Tax Guidelines
The Internal Revenue Service will not clarify how taxes work with cryptocurrencies and digital asset transactions in the US according to a US congress watchdog’s report released on Wednesday.
PayPal Reports Fourth Quarter Earnings Boosted by Bitcoin and Crypto Service
PayPal has experienced a rise in revenue from its Bitcoin business since adding crypto into its network in October last year.
Leading Musicians Continue to Fight with Blockchain in Battle Against Piracy
In recent years studies have shown that there has been a sharp decline in album sales net revenue, due to online piracy and illegal creation or sharing of property righted materials.
Coinbase's Intention to Sell Blockchain Analytics Software to US Government Watchdogs Created Backlash from Crypto Community
Leading American cryptocurrency exchange, Coinbase plans to sell its blockchain analytics software called "Coinbase Analytics" to the US Drug Enforcement Administration (DEA) and the Internal Revenue Service (IRS). This decision is not sinking in well with the crypto community because the software will offer identity attribution for domestic and international cryptocurrency addresses to the US government agencies.
US Travel Firm CWT Paid $4.5 Million in Bitcoin to Get Computer System Back from Hackers
US travel management company CWT paid $4.5 million to hackers who stole sensitive corporate files. CWT has a global clientele and is the fifth-largest US travel company. The firm boasts an estimate of $1.5 billion in annual revenue and claims that it represents more than a third of companies on the S&P 500 U.S stock index.
Iran to Pump Liquidity in Economy by Permitting Power Plants to Mine Bitcoin
Iran has given power plants the green-light to undertake Bitcoin mining on a large scale as this will spur economic growth from the revenue generated. Nevertheless, interested parties must adhere to various regulations like not using subsidized fuel to extract Bitcoin and other cryptocurrencies.