MIAMI – AntPool, the mining pool affiliated with mining rig big Bitmain, has invested $10 million to assist the Ethereum Traditional ecosystem and plans to proceed investing extra, the pool’s CEO, Lv Lei, mentioned at Bitmain’s World Digital Mining Summit on Tuesday.
Whereas the Ethereum community is working to transform to a proof-of-stake (PoS) mannequin, Ethereum Traditional is slated to stay proof-of-work (PoW). PoS will drastically change how Ethereum validates blocks, provides them to the blockchain and points new ether (ETH). In doing so, it’ll get rid of the necessity for specialised mining rigs, resembling those Bitmain makes.
Ethereum Traditional, nevertheless, will proceed to mine its native ETC cryptocurrency utilizing these rigs.
The preliminary $10 million funding went to the event and exploration of functions of the Ethereum Traditional mainnet, as to advertise the general efficiency of the community.
Bitmain began promoting its newest Ethereum mining mannequin (the Antminer E9) earlier in July. The mining rig producer additionally introduced on the World Digital Mining Summit in Miami that it will likely be accepting funds in ETC for all of its Antminer fashions.
Learn extra: What Is ‘the Merge’ and Why Has It Taken So Lengthy?