As the expected Ethereum Merge upgrade approaches, the CEO of one of the significant cryptocurrency mining pools said that his company has spent $10 million in the Ethereum Classic (ETC) ecosystem and will continue to do so.
The CEO of Bitmain-affiliated mining pool, AntPool Leon Lv. attended the manufacturer’s World Digital Mining Summit (WDMS) on July 26 in Miami, where he revealed these advancements.
Furthermore, the $10 million is aimed at attracting additional developers “to create the prosperity of ETC,” assisting the network’s developers in launching projects on the mainnet,” enhancing its “layer 2 scalability using premium scaling solutions,” and incubating top Ethereum Classic projects.
In addition, Bitmain revealed during the summit that with the introduction of the Antminer E9 in early July, all of its Antminer models would be available for purchase using Ethereum Classic.
Ethereum Classic will continue to be PoW
Notably, Lv’s comments followed after Ethereum founder Vitalik Buterin welcomed users to adopt the Ethereum Classic blockchain if they prefer PoW networks, referring to it as “a completely fine chain” in his July 21 lecture at the EthCC conference in Paris, where he highlighted the planned Merge update.
This indicates that ETC can accommodate miners moving from Ethereum since it takes minor modifications to begin mining. As per the report, the price of Ethereum Classic’s token increased by more than 50 percent in reaction to miners’ realisation of this potential.
According to data gathered from CoinMarketCap, the current price of ETC is $27.19, representing a 16.35% gain over the last 24 hours and a 9.64% increase for the previous week.
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.