AntPool invests $10 million in the Ethereum Classic ecosystem

The money will go toward developing and researching applications on the network, as well as improving its performance

27.07.2022 - 07:30

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What’s new? AntPool, a mining pool associated with Bitmain, one of the largest companies producing cryptocurrency mining equipment, has invested $10 million in the Ethereum Classic (ETC) ecosystem. Representatives of the pool stated that they will continue to invest in this area. According to CoinDesk, AntPool’s first investment will be used to develop and research applications in Ethereum Classic to improve the overall performance of the network.

CoinDesk’s material

What is Ethereum Classic? It is a copy of the original Ethereum network that will not switch to the Proof-of-Stake (PoS) consensus algorithm and will continue to run on Proof-of-Work (PoW). When it became known that the transition of the mainnet to PoS will take place on September 19-25, the price of ETC on exchanges rose by 50% in 24 hours. As of July 27, 07:30 UTC, the asset is trading at $27,19, having gained 15,36% per day, according to Binance.

For details on if miners will switch to Ethereum Classic and why ETC price soared, see GetBlock Magazine’s article.

What happened before? In July, Bitmain announced the launch of its new miner model, Antminer E9 ASIC. The miner provides a hashrate of 2400 MH/s, which is equivalent to 25 RTX 3080 graphics cards. After the release of Ethereum 2.0, the device can be used to mine other cryptocurrencies based on the Ethash algorithm.

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