{"id":24118,"date":"2022-07-27T11:27:39","date_gmt":"2022-07-27T11:27:39","guid":{"rendered":"http:\/\/egrowonline.com\/?p=24118"},"modified":"2022-07-27T11:27:39","modified_gmt":"2022-07-27T11:27:39","slug":"ethereum-classic-jumps-double-digits-after-antpool-adds-10m-backing","status":"publish","type":"post","link":"http:\/\/egrowonline.com\/?p=24118","title":{"rendered":"Ethereum Classic Jumps Double Digits After Antpool Adds $10M Backing"},"content":{"rendered":"


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Ethereum Classic<\/a><\/span>, a non-forked version of Ethereum<\/a><\/span>, is enjoying a hefty rally early Wednesday morning.\u00a0<\/span><\/p>\n

Following the infamous<\/span> DAO hack of 2016<\/span><\/a>, Ethereum split into two blockchains: Ethereum, the second-largest cryptocurrency by market capitalization, and Ethereum Classic.\u00a0<\/span>The newly created chain is the currently used Ethereum network, and the hacked chain continues to operate as Ethereum Classic.<\/span><\/p>\n

Importantly, the latter <\/span>will not be <\/span>merging<\/span><\/i><\/a> to a proof-of-stake<\/span><\/a> (PoS) consensus mechanism in September.\u00a0<\/span><\/p>\n

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And, as a shift to PoS would effectively make Ethereum miners obsolete, all eyes are now on Ethereum Classic (which will continue to operate using more traditional mining mechanisms).\u00a0<\/span><\/p>\n

Antpool, for example, recently announced a $10 million investment to back quality projects built on Ethereum Classic (ETC). Backed by mining hardware manufacturer Bitmain, Antpool is the third-largest Bitcoin<\/a><\/span> mining pool and 14th-largest Ethereum mining pool, according to data from <\/span>btc.com<\/span><\/a>.<\/span><\/p>\n

At <\/span>Bitmain\u2019s World Digital Mining Summit<\/span><\/a> yesterday, Antpool\u2019s CEO Leon Lv announced their support for ETC, as it continues to operate as a proof-of-work (PoW) network.\u00a0<\/span><\/p>\n

\u201cLet\u2019s support the ETC ecosystem and incubate high-quality PoW projects together!\u201d <\/span>tweeted<\/span><\/a> Antpool early Wednesday morning.<\/span><\/p>\n

Ethereum Classic moons<\/span><\/h2>\n

Since the announcement, ETC has completed a roughly 14% rally over the past 24 hours and changed hands at around $27 a token.<\/span><\/p>\n

<\/p>\n

Despite today\u2019s tremendous gains, ETC is still down 84.62% from its all-time high of $176.16 recorded in May 2021, according to <\/span>CoinMarketCap<\/span><\/a>.<\/span><\/p>\n

It\u2019s not just Bitmain that\u2019s boosting the smaller of the two Ethereum projects, either.<\/span><\/p>\n

On July 21, Vitalik Buterin, an Ethereum co-founder, also extended his support for the project, calling it a \u201ctotally fine chain\u201d and \u201cthe original Ethereum.\u201d <\/span><\/p>\n

He added<\/a><\/span>\u00a0that \u201cIf you like proof of work, you should use Ethereum Classic.\u201d<\/span><\/p>\n

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Disclaimer<\/p>\n

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.<\/p>\n<\/div>\n

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<\/p>\n

Stay on top of crypto news, get daily updates in your inbox.<\/h3>\n<\/p>\n<\/div>\n<\/div>\n


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Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Ethereum Classic, a non-forked version of Ethereum, is enjoying a hefty rally early Wednesday morning.\u00a0 Following the infamous DAO hack of 2016, Ethereum split into two blockchains: Ethereum, the second-largest cryptocurrency by market capitalization, and Ethereum Classic.\u00a0The newly created chain is the currently used Ethereum network, and the hacked chain continues to operate as Ethereum […]<\/p>\n","protected":false},"author":1,"featured_media":24119,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[39],"tags":[10056,223,7106,1719,682,3971,1543,158,3622],"class_list":["post-24118","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ico","tag-10m","tag-adds","tag-antpool","tag-backing","tag-classic","tag-digits","tag-double","tag-ethereum","tag-jumps"],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"http:\/\/egrowonline.com\/wp-content\/uploads\/2022\/07\/ethereum-classic-price-yearly-high-gID_4.jpg","_links":{"self":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/24118","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=24118"}],"version-history":[{"count":1,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/24118\/revisions"}],"predecessor-version":[{"id":24120,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/24118\/revisions\/24120"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/media\/24119"}],"wp:attachment":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=24118"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=24118"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=24118"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}