Eliza Gkritsi is CoinDesk’s cryptocurrency reporter based in Asia.
MIAMI — AntPool, the mining pool affiliated with 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 the World Digital Mining Summit in Bitmain on Tuesday.
As the Ethereum network strives to transition to a proof-of-stake (PoS) model, Ethereum Classic is expected to remain a proof-of-work (PoW) model. The PoS model will dramatically change the way Ethereum validates blocks, adds them to the blockchain, and issues new ether (ETH). By doing so, it will eliminate the need for specialized mining rigs, such as those made by Bitmain.
Ethereum Classic, however, will continue to mine its native ETC cryptocurrency using these platforms.
The initial investment of $10 million was dedicated to the development and exploration of Ethereum Classic mainnet applications, 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 maker 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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