Bitmain’s subsidiary AntPool invests $10m in Ethereum Classic ecosystem

AntPool, the mining pool affiliated with Bitmain, the world's leading manufacturer of mining hardware, plans to continue investing in Ethereum’s PoW hardfork.

A stock image of two data center technicians near the ASIC mining rig.

The pool has already invested $10 million in applications development on the Ethereum Classic mainnet and will continue to support the network, AntPool’s CEO, Lv Lei, said at World Digital Mining Summit in Miami on Tuesday. On top of that, Bitmain announced it will be accepting payments in ETC for all of its Antminer ASICs.

Ethereum Classic is a hard fork of the Ethereum blockchain launched in July 2016 as a result of the DAO exploit. Unlike its more popular counterpart, the network is posed to remain proof-of-work (PoW), which attracts migrating miners. Since July 16, Ethereum Classic hashrate grew by 23%, and the price of ETC has seen an 84% increase. With more hashrate coming into the coin, investors and developers turn their attention to the promising blockchain, anticipating that it would gain in popularity after the Merge.

Vitalik Buterin recently encouraged miners to migrate to Ethereum Classic, calling it "totally a fine chain." According to Vitalik, there’s nothing wrong with moving to the PoW version of Ethereum.

World Digital Mining Summit 2022 is the leading crypto mining event of the year organized by the mining rig giant Bitmain in Miami, US. The platform will gather industry experts and top mining companies who will discuss data center maintenance, renewable energy, mining servers, and PoW development. The event is expected to create new investment opportunities to enhance the future development of the entire market.