AntPool has invested $10 million to support the Ethereum Classic ecosystem, and the pool's CEO, Lv Lei, said Tuesday at Bitmain's World Digital Mining Summit that it plans to continue investing more.
Ethereum Classic is scheduled to remain as a proof-of-work (PoW) while the Ethereum network works to convert it to a proof-of-stake (PoS) model. In other words, when Ethereum moves to the PoS consensus mechanism, there will be no need for miners and other PoW altcoins such as ETC will attract the attention of miners.
The initial $10 million investment will be spent on improving the overall performance of the network and developing its applications on the smart contract platform.
Bitmain started selling its latest ETH mining device, the Antminer E9, earlier this month. The mining equipment manufacturer also announced at the World Digital Mining Summit in Miami that they will accept ETC payments for all Antminer models.
ETC continues to find buyers at $23.92 at the time of writing. Before the FED meeting tomorrow, altcoin investors prefer to reduce their risks. A significant portion of the trading volume in many altcoins, including ETC, is sales. On the four-hour chart, the RSI is in oversold territory.
Ethereum-based funds see entry for the first time in 11 weeks
While there was an inflow of $ 8 million in products based on Ethereum, the total amount of funds on a monthly basis in these products increased to $ 120 million. This was also seen as the highest entry since June 2021. In Ethereum-based investment products, after the last 11 weeks, the fund inflows as of last week came to the fore as an important detail. This is attributed to Ethereum's "Merge" update, which is expected to happen in September. As the update in the Ethereum network continues decisively, it is thought that fund inflows may continue with the increase of investor confidence.