Ethereum Classic Receives $10M AntPool Investment

AntPool, a cryptocurrency mining platform established in China and owned by Bitmain, has given $10 million to Ethereum Classic to boost its ecosystem. 

Ethereum Classic’s executive director, Bob Summerwill, took to Twitter to share this news while posing with Antpool’s CEO Leon Lv. 

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During Bitmain’s World Digital Mining Summit, Leon Lv expressed support for Ethereum Classic and stated that this is only an initial investment and there will be more of them. This statement was later confirmed by AntPool’s official Twitter page, which retweeted the original Summerwill’s post, adding:

Let’s support the ETC ecosystem and incubate high-quality PoW projects together!

It is worth noting that there are two blockchains. Ethereum, the second biggest open blockchain, is making its transition to Proof-of-Stake (PoS) protocol. On the other hand, Ethereum Classic remains functioning on Proof-of-Work (PoW) model.

By switching to PoS, Ethereum will validate blocks differently. It means that the change, scheduled in September, will use nodes to validate transactions, rather than mining rigs. 

Ethereum Classic will not be included in these changes and will continue to function in the Proof-of-Work model, meaning that mining rigs will be needed. 

These mining rigs are provided by AntPool. Therefore, it is considered that the $10 million investition will be used to invite developers, support their ideas, give them space to “deploy their projects on the mainnet”, increase layer-2 scalability and apply leading projects to Ethereum Classics. 

In other news, Bitmain also used the World Digital Mining Summit to promote its Ethereum Classic mining rig (Antminer E9). According to them, the Antiminer can be purchased using Ethereum Classic (ETC) coins.