Ethereum Classic Surges By Double Digits After Antpool Backing

Ethereum Classic surges by double digits after a recent $10 million backing by Antpool and the positive comments made by Vitalik Buterin so let’s read more today in our Ethereum Classic news.

Ethereum Classic is a non-forked version of Ethereum and it is enjoying a rally today. After the infamous DAO hack of 2016, Ethereum split into two blockchains which are Ethereum as the second biggest cryptocurrency by market cap, and Ethereum Classic. What’s also important is that the latter won’t be merging to a Proof of stake consensus mechansim in September. Moving to PoS will make Etheruem miners obsolete and all eyes are now on the blockchain that will continue to operate using more traditional mining mechanisms.

Antpool announced a $10 million investment to back the quality projects built on Ethereum Classic and it is backed by the mining hardware producer Bitmain and is also the third biggest BTC mining pool and 14^th biggest ETH mining pool as per the latest data from btc.com. At Bitmain’s World Digital Mining Summit, CEO Leon Lv announced the support for ETC and continues to operate as a Proof of work network. Antpool tweeted:

“Let’s support the ETC ecosystem and incubate high-quality PoW projects together!”

Since the announcement, Ethereum classic surges by double digits in the past 24 hours and changed hands at $27 per token. Despite the gains today, ETC is still down 84.6% from its ATH of $176 which was recorded back in 2021. It is not just Bitmain that is boosting the smaller two ETH projects. Vitalik Buterin as an Ethereum founder extended his support for the proejct and called it a fine chain and “the original Ethereum.” He added that if you like proof of work you should use Ethereum Classic.

As recently reported, The developers create a new plan as they proposed taking immediate action in implementing the long-term changes to the architecture of the network over the next three to six months. The accelerator decided to focus the efforts on improving the security of the network after the recent attacks on the blockchain. The immediate measures proposed by the Ethereum Classic labs include a “defensive mining” cooperation with the mining pools and the miners to try and maintain the consistent hashrate and to gain the ability to increase once needed.