Ethereum Classic Up 65% In A Week On Antpool Investment

Thanks to the investments of one of the largest mining pools and the positive comments of Vitalik Buterin, the price of the Ethereum Classic (ETC) cryptocurrency increased by 25% over the past day and reached $43.

Long forgotten by many and virtually unknown to newcomers to the industry, the Ethereum fork that appeared as a result of the DAO hack in 2016 appeared this week in the list of top 20 crypto assets by market capitalization in the CoinMarketCap rating. Back on Tuesday, Ethereum Classic was trading at $25 — in recent months, the price of the coin has been falling against the backdrop of a general decline in the cryptocurrency market and the onset of crypto winter.

At the World Digital Mining Summit hosted by Bitmain on July 26, Antpool CEO Leon Lv announced
about the mining pool supporting the Ethereum Classic ecosystem with an investment of $10 million. Leon Lu said that the investment will help Ethereum Classic attract more projects. 

According to btc.com, Antpool is the 3rd largest BTC mining pool and the 14th largest ETH mining pool.

Let's support the ETC ecosystem and incubate high-quality PoW projects together！ https://t.co/AHft6WfGES

— ANTPOOL (@AntPoolofficial) July 27, 2022

After the announcement by Antpool, the price of ETC began to rise, supported by positive comments from the founder of Ethereum. The day before Antpool's speech, Vitalik Buterin called
Ethereum Classic is the best blockchain for Proof-of-Work lovers.

Source: Trading View

The unexpected surge of interest in Ethereum Classic looks logical - the transition of Ethereum from the Proof-of-work algorithm to Proof-of-stake is scheduled for September. Ethereum miners are looking for opportunities to redirect hashing power to other blockchains, since after the merger of the two versions of Ethereum, mining on the network will disappear and validators will be involved in the creation of blocks, as well as confirmation of transactions.

At the same time, Ethereum Classic remains on the Proof-of-work algorithm and can become an alternative for Ethereum miners who do not want to become validators and sell their equipment.

The other day, Bits.media founder Ivan Tikhonov said that miners who are used to the PoW consensus algorithm will have to switch to other networks and cited Ethereum Classic as an example. However, alternative coins do not have the same market capitalization as Ethereum, and this would be a risky move for miners.