AntPool Supports Ethereum Classic Ecosystem With $10M Investment

The mining pool is throwing its weight behind the Ethereum-offshoot alternative that will continue to mine using proof-of-work.

AccessTimeIconJul 26, 2022 at 7:01 p.m. UTC
Updated May 11, 2023 at 4:18 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

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

While the Ethereum network is working to convert to a proof-of-stake (PoS) model, Ethereum Classic is slated to remain proof-of-work (PoW). PoS will drastically change how Ethereum validates blocks, adds them to the blockchain and issues new ether (ETH). In doing so, it will eliminate the need for specialized mining rigs, such as the ones Bitmain makes.

Ethereum Classic, however, will continue to mine its native ETC cryptocurrency using these rigs.

The initial $10 million investment went to the development and exploration of applications of the Ethereum Classic mainnet, as to promote the overall performance of the network.

Bitmain started selling its latest Ethereum mining model (the Antminer E9) earlier in July. The mining rig manufacturer also announced at the World Digital Mining Summit in Miami that it will be accepting payments in ETC for all of its Antminer models.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk offers all employees above a certain salary threshold, including journalists, stock options in the Bullish group as part of their compensation.

Eliza Gkritsi

Eliza Gkritsi is a CoinDesk contributor focused on the intersection of crypto and AI.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.