Will September be more difficult for Bitcoin miners and World Coin faces scrutiny in Singapore?

This is Coin Desk Daily. I'm your host, Jen Sanassi.

Bitcoin mining was notably less profitable in August than July, according to a report from investment bank, Jeffries. This comes after the

average Bitcoin price fell over 4%, and the average network cash rate rose about 2.7% in the past month.

The report noted that miners average daily revenue per X-A-Hash fell by 11.8% from the month

previous as a result. Jeffries said September could be another difficult month

for the miners as Bitcoin remains below $60,000 and the network cash rate continues to advance.

Which countries are the leaders in crypto adoption? According to an annual report from

Chainalysis, India and Nigeria have maintained the top two positions in the world in terms of

grassroots crypto adoption, but Indonesia is the fastest growing. Since 2023, Indonesia jumped

four places to third as one of the fastest growing crypto markets within the central and

southern Asia and Oceana region. Indonesia has the highest year-over-year growth at nearly 200% and the highest

cryptocurrency value received at approximately $157.1 billion. The U.S. maintained its fourth

position from 2023. And Singapore is investigating seven subjects for offering services of buying or

selling of world coin accounts and tokens.

That's according to a written reply in Parliament by the government.

While World Coin does not perform a payment service under Singapore regulations,

the chairman of the Monetary Authority of Singapore said that people buying or selling World Coin accounts and tokens

may be acting legally by providing

a payment service as unlicensed individuals. Created by OpenAI founder Sam Altman, the retina

scanning crypto startup has already faced regulatory scrutiny in Colombia, Hong Kong, Argentina,

and Kenya. That's it for CoinDesk Daily. Get more updates on CoinDesk.com and we'll see you next time.

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