Crypto News Today

Singapore Tops Global Ranking for Crypto Adoption Henley & Partners has released a ranking of countries based on their level of cryptocurrency adoption, with Singapore, Hong Kong, and the UAE leading the pack. These countries stand out due to their economic factors, advanced infrastructure, and relatively favorable tax regimes. Notably, no CIS countries made it into the top 20. Singapore earned the highest score of 45.7 out of 60, excelling in economic factors, innovation, and government support, though public adoption of crypto is lower compared to the UAE and the U.S. Hong Kong follows with a score of 42.1, driven by favorable tax policies and a robust crypto infrastructure. The UAE, with the highest public crypto adoption among the top three, scored 41.8, benefiting from a highly favorable tax environment and free zones. The top five also include the United States and the United Kingdom, while CIS countries, including Ukraine, did not make the list, despite Ukraine ranking in the top five in 2023 according to Chainalysis. 🌐Crypto News Today

Cryptocurrency users are more likely to be psychopaths After analyzing more than 2,000 people, researchers found that the cryptocurrency community is most likely to have “dark personality traits” such as narcissism, Machiavellianism, sadism, and psychopathy. In addition, cryptocurrency owners show an increased tendency toward chaos, paranoia, and schizotypal personality traits 🌐Crypto News Today

An underground mining farm was discovered in a tunnel of a ski center in the Leningrad region, which was equipped during the repair of the tunnel more than 5 years ago. The complex of 25 objects was powered by its own thermal power plant on gas. Mining in Russian 🌐Crypto News Today

Law Firms Earn Staggering $751 Million from Crypto Bankruptcies According to a Bloomberg analysis of court documents, 22 major U.S. law firms working on the bankruptcies of seven crypto companies have collectively earned $751 million in fees. This figure is expected to grow as three of the cases, including those involving FTX, Genesis Global, and Terraform Labs, are still ongoing. The surge in legal fees began after the collapse of FTX in the fall of 2022. By mid-2023, at the height of the crypto crisis, monthly payments to attorneys exceeded $35 million. The FTX case alone has brought in over $312 million for five law firms, with Sullivan & Cromwell earning the most at $215 million, including $138 million from FTX. 🌐Crypto News Today

Australia Sees 16-Fold Increase in Crypto ATMs, Now Third Globally Australia has experienced a massive surge in the number of crypto ATMs, catapulting the country to the third spot globally, trailing only the United States and Canada. As of the beginning of the year, the U.S. had 31,861 machines, and Canada had 3,004. Analysts at Coin ATM Radar noted that while the growth of crypto ATMs in the U.S. has slowed since February 2022, Canada saw an addition of 780 machines during the same period. Despite regulatory uncertainties surrounding cryptocurrencies in Australia, the number of crypto ATMs continues to rise. In 2019, concerns over the potential misuse of these machines led the Australian Transaction Reports and Analysis Centre (AUSTRAC) to implement stricter regulations, resulting in the suspension of Auscoin's license. This came after the company's CEO, Sam Karagiozis, was arrested for drug trafficking on the dark web. However, crypto ATMs can still operate legally in Australia if the operator holds a valid license. 🌐Crypto News Today

🇺🇸U.S. Congress to Hold Hearings on Cryptocurrencies and DeFi in September The U.S. House of Representatives is set to conduct a series of hearings on cryptocurrency regulation. Lawmakers will address key issues in the crypto industry, including decentralized finance (DeFi) and the impact of the pig butchering scam, a notorious fraud scheme that gained popularity in 2024. The first hearing, featuring SEC Chairman Gary Gensler, is scheduled for September 23. Throughout September 2024, the House Financial Services Committee will examine various aspects of the crypto sector. Discussions will focus on regulation, DeFi, and the broader implications of fraudulent activities on the market. The hearings are expected to shape future legislation, with significant attention on the rules that could impact DeFi projects. 🌐Crypto News Today

El Salvador President Nayib Bukele on the cover of Time magazine. At 43, "he has become the most popular head of state in the world," transforming El Salvador "from a country that was once the murder capital of the world to a country safer than Canada." Recall that under him, Bitcoin became the official means of payment in the country. 🌐Crypto News Today

The typical Bitcoin bull market cycle is 34 months. This is month 15 🌐Crypto News Today

Bitcoin Miner IREN Reports Record Annual Revenue of $184.1 Million Mining company IREN, formerly Iris Energy, announced its financial results for 2024, with a record annual revenue of $184.1 million. The company mined 4,191 BTC, benefiting from increased hash rate and the rising price of Bitcoin. IREN's total computing power grew from 5.6 EH/s to 15 EH/s, with plans to reach 20 EH/s next month and 30 EH/s by the end of 2024. The company also reported its first revenue from AI cloud technologies, totaling $3.1 million, as part of its diversification strategy. IREN remains committed to sustainable mining, utilizing renewable energy sources like solar panels and hydroelectric power. 🌐Crypto News Today

Bitcoin Miner IREN Reports Record Annual Revenue of $184.1 Million Mining company IREN, formerly Iris Energy, announced its financial results for 2024, with a record annual revenue of $184.1 million. The company mined 4,191 BTC, benefiting from increased hash rate and the rising price of Bitcoin. IREN's total computing power grew from 5.6 EH/s to 15 EH/s, with plans to reach 20 EH/s next month and 30 EH/s by the end of 2024. The company also reported its first revenue from AI cloud technologies, totaling $3.1 million, as part of its diversification strategy. IREN remains committed to sustainable mining, utilizing renewable energy sources like solar panels and hydroelectric power.