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Bulgarian Revenue Agency Announces Inspection of Cryptocurrency-Selling Companies

The Bulgarian National Revenue Agency has announced the launch of inspections of cryptocurrency-selling companies. The Bulgarian National Revenue Agency (NRA) has announced the launch of inspections of cryptocurrency-selling companies, English-language Sofia-based news outlet novinite reports on Jan. 14. The objective of the investigation is to assure compliance with tax and social security regulation, as the agency is reportedly worried about the use of crypto-assets for revenue concealment and tax evasion. The Bulgarian RSA reportedly conducted a survey of the companies that own online platforms for the sale and purchase of cryptocurrencies — like cryptocurrency exchanges — and already assigned control actions (which presumably means checks) to nine companies. After the completion of the checks, the tax authority will reportedly use the information obtained from the platform to determine whether the users have declared their income from the use of cryptocurrency exchanges. In Bulgar..

Despite Reporting Revenue Losses, GMO Internet’s Crypto Mining Rewards Soar

Japan’s GMO Internet Group has confirmed it took a steep hit in overall mining revenue, but saw an increase in monthly BTC mining rewards. Japanese IT giant GMO Internet Group has published the latest monthly disclosure on its in-house crypto mining operations, confirming that it took a steep hit in overall mining revenue. GMO released the disclosure in a publicly available document on Jan. 8, also revealing a steady increase in its monthly Bitcoin (BTC) mining rewards. As previously reported, GMO’s consolidated losses for Q4 2018 totalled 35.5 billion yen ($320 million), with its unconsolidated loss tallying at around 38 billion yen ($334.5 million). As a result, the firm announced it would be shutting down its hardware manufacturing business, but would nonetheless continue its in-house mining operations. These latter will be reportedly subject to restructuring, with plans to relocate GMO’s mining center to a region with lower-cost electricity supplies. As revealed in GMO’s latest mo..

Mining ASIC Producer Ebang Reports ‘Significant Decreases’ in Revenue From July-September

Cryptocurrency mining hardware producer Ebang has suffered “significant decreases” in revenue in the second half of 2018. Ebang, a crypto mining ASIC hardware producer, has suffered “significant decreases” in revenue in the second half of 2018. This development was reported in documents submitted by the company to the Hong Kong Stock Exchange (HKEX) on Dec. 20. HKEX only requires the financial period reported by IPO applicants not to end more than six months from the day of the listing document. Following this requirement, Ebang included its financial information until the end of June 2018 in the draft documents submitted to launch its IPO. According to the data contained in the document, Ebang saw 2.1 billion yuan ($30 billion) in revenue for the first six months of this year. In 2017, during the same period, the company reported about eight times less income. However, in a section of the report titled “Material adverse change,” the company states: “We experienced significant decreas..

Thailand’s Revenue Departments Tests Blockchain for Tracking Value-Added Tax Payments

Thailand’s Revenue Department is conducting tests of a blockchain system for tracking value-added tax (VAT) payments. Thailand’s Revenue Department is testing blockchain to track value-added tax (VAT) payments, English-language media outlet Bangkok Post (BP) reports Dec. 3. Ekniti Nitithanprapas, director general of the Thai Revenue Department, said that the department “wants to use blockchain technology to prevent VAT refund fraud.” According to the BP, the nation is “on the path to becoming the first country to use the distributed ledger for tax probes if the technology is adopted.” The article cited Nitithanprapas explaining that “blockchain is expected to help verify VAT invoices” and “root out fake invoices for VAT claims,” defining “adoption of new technologies” as his priority. Thailand’s revenue department has also “set its sights on adopting machine learning and using artificial intelligence to learn and study tax-cheating practices” to ultimately “compel more people to enter..

Canadian Bitcoin Mining Firm Hut 8 Sees Record High Revenue in...

Toronto-based Bitcoin mining company Hut 8 has seen record high revenue in the third quarter of 2018, which reached $13.5 million, with $27.7 for the nine months ending on Sep. 30. Canadian Bitcoin (BTC) mining company Hut 8 has reported record revenue in the third quarter (Q3) of 2018, according to the company’s quarterly financial report published Nov. 8. Hut 8, which claims to be “the largest” public crypto mining company by operating capacity and market capitalization, has revealed its financial results for Q3 of this year, stating that its revenue reached a record high $13.5 million for Q3, and $27.7 million for the nine months ending on Sep. 30. Revenue increased by 126 percent compared to the previous quarter revenue of $5.9 million. Hut 8 attributed the increase to its deployment of 16 Bitfury BlockBoxes in September at its mining facility in the City of Medicine Hat, for an aggregate of 56 BlockBoxes at that site. Each BlockBox contains 176 mining servers and reportedly has a..

Square’s Bitcoin Revenue Increases by $6 Million in Q3, Profits Top...

Jack Dorsey’s payment network Square continues expanding its Bitcoin popularity since it was introduced in February. U.S. financial services company Square revealed it generated $43 million in Bitcoin (BTC) revenue for Q3 2018 in its most recent shareholder letter Nov. 8. Presenting a digest of its total earnings and financial activities, Square, which introduced Bitcoin support in its Square Cash payment app earlier this year, saw cryptocurrency revenue grow by a total of $6 million compared to Q2. “Total net revenue was $882 million in the third quarter of 2018, up 51% year over year. This includes $43 million of bitcoin revenue,” the letter confirms, stating: “Excluding bitcoin revenue, total net revenue was $839 million, up 43% year over year.” The statistics come at a stirring time for Square, which this week also saw its market cap surpass that of Twitter, the stalwart social media platform which shares Jack Dorsey as CEO. Bitcoin remains a niche for the company meanwhile, with ..

Thai Revenue Department to Track Tax Payments Using Blockchain

Revenue Department of Thailand to use blockchain and machine learning to tackle tax avoidance and fraud. The Thai Revenue Department has revealed its plans to track tax payments using blockchain and maсhine learning, local news outlet Bangkok Post reported Nov. 5. Ekniti Nitithanprapas, the Revenue Department’s director-general, told reporters that blockchain will be used to verify the validity of taxes paid and to speed up the tax refund process. Machine learning, in its turn, will help reveal tax fraud and create more transparency, Nitithanprapas also noted. The official further noticed that a digital tax collection system based on modern technologies is one of the government’s top priorities. Nitithanprapas, who has also been International Economic Advisor of Fiscal Policy Office for the country’s Ministry of Finance since 2015, did not reveal when exactly the Department’s experiment with blockchain was going to start or which particular solutions it would use. The Thai Revenue dep..

Crypto Investment Firm’s Revenue Reaches Record $330 Mln in 2018, Despite...

Crypto investment firm Grayscale Investments Inc. has raised almost $330 million in annual revenue as of the third quarter 2018, despite a prevailing bear market. Cryptocurrency asset management firm Grayscale Investments Inc. has reported revenue of nearly $330 million in 2018, according to its third quarter (Q3) investment report released Nov. 1. The company managed to reach this figure despite a prevailing bear market. In the report, Grayscale highlights that it raised $81.1 million over the last three months, which brought the firm’s year-to-date inflows to almost $330 million, representing an increase of almost 1,200 percent from the same period in 2017, when the company raised $25.4 million. The current year is the strongest Grayscale has experienced during any calendar year since the beginning of its activity. Grayscale cumulative inflows by investment product chart. Source: Grayscale In Q3, institutional investment contribution reportedly increased to 70 percent, however, in ..

In The Third Quarter Of 2018, Ripple Reports Double Revenue From...

[the_ad id="35962"] [the_ad id="35975"] Ripple has just released its report for the third quarter of the year and it shows that the American company generated twice as much revenue from XRP sales than they did during the second quarter. The report, published on the 25th of October, shows that $163.33 million worth of XRP was sold in Q3. This is almost twice the $73.53 it recorded during the second quarter of the year. XRP II recorded $65.27 million in sales while LLC recorded $98.06 million XRP (XRP) Price Today – XRP / USD Name Price24H (%)$0.458824 -0.22% The sale of XRP tokens during the third quarter of the year made up for about 0.172 of the total trading volume that was recorded globally. Ripple’s sale of the XRP token made up for 0.125% of trading volume in the second quarter of the year. In each month of the third quarter, Ripple released one billion XRP which is the same number of tokens that was released during the second quarter. The report shows that up to 400 million XRP..

Ripple Reports Double Revenue From XRP Token Sales in Third Quarter...

Tech startup Ripple has released its third quarter financial report, saying it saw a double increase in XRP token sale revenue. American tech company Ripple reported that its revenue from XRP token sales doubled in the third quarter (Q3) compared to the second quarter (Q2) of 2018, according to the company’s quarterly report published Oct. 25. In the Q3 2018 XRP Markets Report, the company reveals that it sold $163.33 million worth of XRP in the Q3, which is more than double the $73.53 million it sold in the previous quarter. The sales were distributed between Ripple and its subsidiary XRP II, LLC, which saw $65.27 million and $98.06 million sales revenues respectively. Sales Summary Chart. Source: Ripple The sales volume in Q3 represents 0.172 percent of the total XRP volume traded globally, while in Q2 that figure was 0.125. In the Q3, Ripple released 3 billion — 1 billion each month — of XRP out of escrow, matching the same number released in the Q2. Ripple states in the report th..
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