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Stacks Resumes Block Production After Outage; Chinese Telco Invests in Crypto Mining Rigs

Jun 17, 2024

Stacks Resumes Block Production After Outage; Chinese Telco Invests in Crypto Mining Rigs
Stacks Resumes Block Production After Outage; Chinese Telco Invests in Crypto Mining Rigs
Stacks Resumes Block Production After Outage; Chinese Telco Invests in Crypto Mining Rigs

Over the weekend, Stacks (STX) resumed block production after a nine-hour outage caused by unexpected mining behaviour and a Bitcoin reorganisation. The token initially dropped over 8%, trading at $1.85 amid a 17.8% weekly decline from a peak of $2.45 on June 12. Meanwhile, Coolpad Group, a Chinese telecommunications firm, announced plans to invest $13.5 million in 2,700 additional crypto mining rigs for deployment in North America, aiming to boost its computing power significantly. In other developments, the Bank for International Settlements (BIS) reported a surge in central banks exploring wholesale central bank digital currencies (CBDCs), with 94% of surveyed banks considering CBDC experiments. However, the adoption of U.S. spot Bitcoin ETFs has been cautious, with financial advisers expressing wariness due to Bitcoin's historical price volatility.