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. The price of the cryptocurrency reacted with growth.

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

The company’s CEO, Leon Lv, stated during the World Digital Mining Summit 2022 conference 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 tentatively 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.

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

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

Grayscale Investments founder Barry Silber tweeted:

“I am sincerely excited about The Merge in Ethereum. Who would have thought?!?”.

In the structure of 17 cryptocurrency trusts, Ethereum Classic Trust ranks third in AUM with $286.5 million. The indicator is second only to funds based on Bitcoin ($13.9 billion) and Ethereum ($4.2 billion). At the same time, ETC occupies 22 positions in the rating by capitalization.