THE DAILY ENCRYPT

[date-today format='F j, Y']

Undeclared Mining Set up Earning $100,000 per Year Found in Argentina

An Argentinian crypto mining farm has not properly declared its business activities in relation to its mining activities. The farm had enough equipment that it...
blue and white striped flag
Photo by Angelica Reyes

An Argentinian crypto mining farm has not properly declared its business activities in relation to its mining activities. The farm had enough equipment that it could earn $100,000 per year.

Argentina’s tax authority (AFIP in Spanish) discovered another crypto mining farm that had not declared its activities. This sent the message that it continues to investigate these operations, just days after revealing a major crackdown.

AFIP stated in a statement that the crypto mining farm had sufficient equipment to generate approximately \$100,000 annually. AFIP’s latest statement reflects the latest crackdown against crypto mining farms that don’t follow rules for declaring their business activities.

Related Articles:  Recent Filing Shows FTX Owes Over $3 billion to 50 of its Top Creditors

In a press release, the tax authority stated that the AFIP and customs officials had “detected a crypto farm belonging to a taxpayer not registered with the agency for any activity related to the development of cryptocurrency assets.”

It is not clear if any arrests were made in the case. Authorities have not disclosed the exact location of the crypto mine.

The latest announcement by AFIP is part of a series that sends the message that the agency is focusing on investigating crypto mining operations that don’t follow the rules.

On Oct. 21, the AFIP announced that it had broken up an undeclared crypto mining ring located in Quilmes, Argentina. 40 people were arrested in the so-called “mega operation”. The AFIP reported last month that it had found three undeclared mining locations in San Juan, Cordoba and Lisandro Olmos, Argentina.

Related Articles:  BOE Doesn't Think DeFi Can Help Financial Risks

Since its July 1st, 2017 appointment of Carlos Castagneto as director, the AFIP has been particularly focused on digital asset operations investigations.

This public crackdown has prompted the non-profit organization ONG Bitcoin Argentina to clarify that cryptomining is not a crime as long as mining operations are in compliance with local laws.

Vitalik Ivanov

Vitalik Ivanov

Vitalik is a speaker / journalist. He has spoken and given presentations at many blockchain events across the world. Vitalik is based in the UK, he loves to travel and calls Dubai his "crypto home". Vitalik has enjoyed speaking at blockchain events and has a main focus on CBDC's, NFT's and altcoins. Vitalik says "Everything, and i mean everything will be an NFT one day".
Vitalik Ivanov

Vitalik Ivanov

Vitalik is a speaker / journalist. He has spoken and given presentations at many blockchain events across the world. Vitalik is based in the UK, he loves to travel and calls Dubai his "crypto home". Vitalik has enjoyed speaking at blockchain events and has a main focus on CBDC's, NFT's and altcoins. Vitalik says "Everything, and i mean everything will be an NFT one day".

© 2022 The Daily Encrypt. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Latest News
PRESS RELEASES