AntPool Invests $10M in the Ethereum Classic Ecosystem

Bitmain-affiliated mining pool AntPool has announced a $10 million investment in the Ethereum Classic (ETC) ecosystem. Pricecryptocurrencies responded with growth.

“Let’s support the ETC ecosystem and incubate high-quality PoW projects together,” commented AntPool.

The CEO of the company, Leon Lv, during the World Digital Mining Summit 2022 conference, said that it is planned to increase the volume of investments in the future.

For mining ETC, the Ethash algorithm is used,as well as for mining Ethereum (ETH). The developers of the second-largest cryptocurrency by capitalization have previously scheduled The Merge update for September, during which the blockchain will switch to the PoS consensus algorithm.

After the upgrade, miners will no longer be able to mine ETH. They are supposed to switch to ETC.

The Merge: what to expect from the biggest update of Ethereum

In early July, Bitmain began selling the deviceAntminer E9 for mining cryptocurrencies on Ethash. A company representative announced at the conference that the manufacturer will accept payment in ETC for all Antminer models.

Over the past 24 hours, the price of the cryptocurrency has increased by 15.8% (CoinGecko). The asset is trading at $27.3.

Data: CoinGecko.

Grayscale Investments founder Barry Silber tweeted:

«I am truly excited about The Merge on Ethereum. Who would have thought?!?».

In the structure of 17 cryptocurrency trusts of the companyEthereum Classic Trust ranks third in AUM with $286.5M, second only to Bitcoin ($13.9B) and Ethereum ($4.2B) funds. At the same time, ETC occupies 22 positions in the rating by capitalization.

Recall that in 2020, the Ethereum Classic network was subjected to several 51% attacks. The developers have increased the resistance of the blockchain to them with the activation of the Thanos hard fork.

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