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Bitmain-affiliated mining pool AntPool has announced a $10 million investment in the Ethereum Classic (ETC) ecosystem. The price of the cryptocurrency has reacted with growth. Let’s support the
Bitmain-affiliated mining pool AntPool has announced a $10 million investment in the Ethereum Classic (ETC) ecosystem. The price of the cryptocurrency has reacted with growth.
Let’s support the ETC ecosystem and incubate high quality PoW projects together！ https://t.co/AHft6WfGES
— ANTPOOL (@AntPoolofficial) 27 July 2022
“Let’s support the ETC ecosystem and create high-quality PoW-projects,” AntPool said.
Leon Lv, CEO of the company, said during the World Digital Mining Summit 2022 conference that it is planned to increase the investment volume in the future.
For ETC mining, the Ethash algorithm is used, as well as Ethereum (ETH) mining. The developers of the second largest cryptocurrency by capitalization have tentatively scheduled the Merge update for September, during which the blockchain will switch to the consensus algorithm. POS.
After the upgrade, miners will no longer be able to mine ETH. They need to switch to ETC.
In early July, Bitmain started selling the Antminer E9 device for mining cryptocurrencies on Ethash. At the conference, a company representative announced that the manufacturer will accept payments in ETC for all Antminer models.
In the last 24 hours, the price of the cryptocurrency has increased by 15.8% (CoinGecko). The asset is trading at $27.3.
Barry Silber, founder of Grayscale Investments, tweeted:
“I am sincerely excited for The Merge in Ethereum. Who would have thought?!?”.
I’m really excited about the Ethereum merger. Who would have guessed?!?
— Barry Silbert (@Barry Silbert) 26 July 2022
It ranks third in the structure of 17 cryptocurrency trusts of the Ethereum Classic Trust company. AUM The indicator ranks second after funds based on Bitcoin ($13.9 billion) and Ethereum ($4.2 billion). At the same time, ETC occupies 22 positions in the rating according to capitalization.
Recall that in 2020 the Ethereum Classic network suffered several 51% attacks. With the activation of the Thanos hard fork, the developers increased the resilience of the blockchain to them.
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Source: Fork Log
I’m Sandra Torres, a passionate journalist and content creator. My specialty lies in covering the latest gadgets, trends and tech news for Div Bracket. With over 5 years of experience as a professional writer, I have built up an impressive portfolio of published works that showcase my expertise in this field.
