Early Wednesday morning, Ethereum Classic, a non-forked version of Ethereum, is experiencing a significant surge.
Following the infamous 2016 DAO attack, Ethereum was split into two blockchains: Ethereum, the second-largest cryptocurrency by market capitalization, and Ethereum Classic. The freshly formed chain is the current Ethereum network, while the hacked chain operates as Ethereum Classic.
Importantly, in September, the latter will not merge to a proof-of-stake (PoS) consensus process.
Furthermore, because a switch to PoS would practically render Ethereum miners useless, all eyes are now on Ethereum Classic (which will continue to operate using more traditional mining mechanisms).
Antpool, for example, recently announced a $10 million investment to support high-quality Ethereum Classic projects (ETC). Antpool, which is backed by mining hardware maker Bitmain, is the third-largest Bitcoin mining pool and the 14th-largest Ethereum mining pool, according to btc.com data.
Antpool’s CEO Leon Lv declared his support for ETC yesterday at Bitmain’s World Digital Mining Summit, as it continues to operate as a proof-of-work (PoW) network.
“Let’s work together to support the ETC ecosystem and nurture high-quality PoW ideas!” Antpool tweeted early Wednesday morning.
Moons of Ethereum Classic
Since the news, ETC has gained around 14 percent in the last 24 hours, trading at over $27 per token.
Despite today’s significant gains, ETC is still down 84.62 percent from its all-time high of $176.16 in May 2021, according to CoinMarketCap.
Not only is Bitmain promoting the smaller of the two Ethereum projects.
On July 21, Ethereum co-founder Vitalik Buterin expressed his support for the project, calling it a “perfectly great chain” and “the original Ethereum.”
“If you like proof of work, you should use Ethereum Classic,” he continued.