AntPool Invests $10 Million in Ethereum Classic Ecosystem

Bitmain-affiliated mining pool AntPool announced a $10 million investment in the Ethereum Classic (ETC) ecosystem. The price of the cryptocurrency rose in response.

Let’s support the ETC ecosystem and incubate high-quality PoW projects together. https://t.co/AHft6WfGES

— ANTPOOL (@AntPoolofficial) July 27, 2022

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

CEO Leon Lv, at the World Digital Mining Summit 2022, said that investment volumes are expected to rise in the future.

ETC uses the Ethash algorithm, as Ethereum (ETH) does. The developers of the second-largest cryptocurrency have preliminarily scheduled for September The Merge upgrade, during which the blockchain will switch to the PoS consensus.

After the upgrade, miners will no longer be able to mine ETH. It is expected that they will switch to ETC.

In early July, Bitmain began selling the Antminer E9 devices for Ethash-based mining. A company spokesman announced at the conference that the manufacturer would accept payment in ETC for all Antminer models.

Over the last 24 hours, the price rose by 15.8% (CoinGecko). The asset trades at around $27.3.

Grayscale Investments founder Barry Silbert wrote on Twitter:

“I’m genuinely excited about the Ethereum merge. Who would’ve guessed it?!?”

I’m genuinely excited about the Ethereum merge. Who would’ve guessed it?!

— Barry Silbert (@BarrySilbert) July 26, 2022

In the structure of 17 cryptocurrency trusts, the Ethereum Classic Trust occupies third place by AUM with $286.5 million. The metric trails only Bitcoin-based funds ($13.9 billion) and Ethereum ($4.2 billion). ETC sits 22nd by market capitalization.

In 2020, the Ethereum Classic network undergone several 51% attacks. Developers bolstered the blockchain’s resilience to them with the activation of the Thanos hard fork.

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