Eliza Gkritsi is CoinDesk’s cryptocurrency journalist based in Asia.
MIAMI – AntPool, the mining pool affiliated with Bitmain, has invested $ 10 million to support the Ethereum Classic ecosystem and plans to continue investing more, pool CEO Lv Lei said at Bitmain’s World Digital Mining Summit on Tuesday. .
As the Ethereum network strives to move to a Proof-of-Stake (PoS) model, Ethereum Classic is expected to remain a Proof-of-work (PoW) model. The PoS model will fundamentally change the way Ethereum validates blocks, adds them to the blockchain, and issues new ether (ETH). In doing so, it will eliminate the need for specialized mining platforms, such as those made by Bitmain.
Ethereum Classic, however, will continue to mine its native ETC cryptocurrency using these platforms.
The initial $ 10 million investment was devoted to developing and exploring Ethereum Classic’s mainnet applications to drive overall network performance.
Bitmain began selling its latest Ethereum mining model (the Antminer E9) in early July. The mining rig manufacturer also announced at the World Digital Mining Summit in Miami that it will accept ETC payments for all of its Antminer models.
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