Sweden's Bitcoin Miners Hit with $90 Million Tax Demand

Sweden's tax authority demands $90 million from Bitcoin miners after a three-year investigation.
 Sweden's Bitcoin Miners Hit with $90 Million Tax Demand
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Key Takeaways

  • Skatteverket imposes a $90 million tax demand on Swedish Bitcoin miners.
  • Investigation finds misuse of tax incentives and false tax reporting.
  • Hive Digital Technologies disputes tax claims, appeals for a lawful resolution.

Sweden’s Skatteverket has issued a tax demand totaling $90 million to 18 Bitcoin mining companies following an extensive tax evasion investigation conducted from 2020 to 2023.

Tax evasion allegations

The investigation targeted 21 companies, accusing the majority of submitting “misleading or incomplete” tax information to exploit tax incentives and evade VAT and import taxes on mining equipment.

Response from mining firms

Despite the allegations, only two companies succeeded in their appeals against the Skatteverket’s claims.

Meanwhile, Hive Digital Technologies has announced formal appeals against the tax claims, citing inconsistencies with current laws.

Impact on swedish policy

This case influenced Sweden’s decision in July 2023 to cancel a significant electricity tax break for data centers, which had unintentionally promoted Bitcoin mining activities.

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