Weekend Recap Stacks returns post block delay Chinese telecom company acquires miners and other developments

Bitcoin L2 Stacks awake from a lengthy slumber
Bitcoin (BTC) layer-2 network Stacks have bounced back into action following a nine-hour hiatus on Friday, June 14th.
Stacks explained in an X post that the delay in block production was caused by unexpected mining behavior coupled with a Bitcoin reorganization, where previously confirmed Bitcoin network blocks were nullified and replaced with new ones.
The Bitcoin scaler went offline at Stacks Block #153,917 at approximately 4:13 am UTC on June 14th, with the next block not being created until 1:20 pm UTC later that day.
Following the resumption of block production, the network’s self-named token, Stacks (STX), plummeted over 8% to $1.89 within seven hours, as reported by CoinGecko.
STX seven-day price. Source: CoinGecko
It has since dipped further to trade at $1.85, marking a 17.8% decrease over the past week from its weekly peak of $2.45 on June 12th.
Chinese telco to expand crypto mining operations
Coolpad Group, a Shenzhen-based telecommunications company, has disclosed its plans to invest around $13.5 million in acquiring thousands of crypto mining rigs.
In a filing on June 13th, Coolpad, listed on Hong Kong’s stock exchange, announced the purchase of 2,700 electronic computer servers for crypto mining from a Hong Kong-based company, to be deployed in North America.
While the manufacturer and specific location within North America remain undisclosed, the company revealed that its computing power would increase from 873,000 terahashes per second (TH/s) to over 1.5 million TH/s, equivalent to 1.5 exahashes per second (EH/s). For comparison, crypto miner Riot Blockchain reported a hashrate of 14.7 EH/s last month.
This move comes after Coolpad’s announcement last month of its intention to invest up to $28 million in United States-listed spot Bitcoin exchange-traded funds (ETFs) and crypto miner shares, including CleanSpark (CLSK).
BIS survey reveals central banks’ interest in CBDCs
The Bank for International Settlements (BIS), known as the “bank for central banks,” reported a significant increase in wholesale central bank digital currency (CBDC) experiments and pilots in a survey conducted on June 14th.
According to the survey, 94% of central banks are exploring CBDCs, indicating varied approaches and design features being considered at their own pace.
While the likelihood of issuing a wholesale CBDC within the next six years surpasses that of a retail CBDC, many features of CBDCs remain undecided.
BIS data shows a rise in the number of jurisdictions working on CBDCs annually, with more launching pilot projects. Wholesale CBDCs primarily aid institutions in payment and settlements, unlike retail CBDCs designed for public use.
The survey also revealed that stablecoins are seldom utilized for payments outside the crypto ecosystem, with two-thirds of respondents developing regulatory frameworks for stablecoins and other crypto-assets.
Bitcoin ETF adoption hindered by cautious advisers
Samara Cohen, BlackRock’s chief investment officer of ETF and index investments, noted that the adoption of U.S. spot Bitcoin ETFs has been slow due to cautious financial advisers.
Cohen mentioned at Coinbase’s State of Crypto Summit on June 16th that 80% of Bitcoin ETF purchases are likely made by individual investors through online brokerage accounts.
BlackRock’s iShares Bitcoin Trust (IBIT) was among the ten ETFs launched in January, attracting around $17.6 billion in inflows.
Cohen acknowledged that registered investment advisers are apprehensive about ETFs due to the asset class’s historical price volatility. She emphasized their role in portfolio construction, risk analysis, and due diligence during these uncertain times.
Coinbase financial chief Alesia Haas commented that Bitcoin’s adoption is progressing slowly.
In other news
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