CryptoWallCity vs MEXC Exchange

AntPool Backs Ethereum Classic Ecosystem With $10 Million Investment

AntPool, the mining pool affiliated with mining rig giant Bitmain, has invested $10 million to support the Ethereum Classic ecosystem and plans to continue to invest more, said the group’s CEO, Lv. Lei, said at Bitmain’s World Digital Mining Summit on Tuesday.

While the Ethereum (ETH) network is working on transitioning to a proof-of-stake (PoS) model, Ethereum Classic (ETC) is expected to remain proof-of-work (PoW). PoS will dramatically change the way Ethereum validates blocks. In doing so, it will eliminate the need for traditional mining rigs, such as those that Bitmain produces.

The initial $10 million investment is for the development and discovery of applications of the Ethereum Classic mainnet, in order to boost the overall performance of the network.

Bitmain started selling its newest Ethereum mining model (Antminer E9) in early July. The mining rig maker also announced at the World Digital Mining Summit in Miami that it will accepts ETC payments for all of its Antminer models.