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Ethereum Mining Firm Launches ETC Mining Software; Weekly ETC Price Surges 54%

Sun, 07/31/2022 - 14:32
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Tomiwabold Olajide
Ethereum Classic will continue to use proof-of-work (PoW) consensus
Ethereum Mining Firm Launches ETC Mining Software; Weekly ETC Price Surges 54%
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As reported by Collin Wu, an Ethereum mining machine manufacturer Innosilicon has released ETC firmware for A10pro 500M and A10pro 720M servers, which can be used for ETC mining. The ETC firmware for the A11 is currently under development.

A translation of the official announcement reads: "Based on the future Ethereum consensus mechanism (algorithm) POW to POS situation, at the request of our customers, we have developed the ETC firmware for A10pro 500M and A10pro 720M servers, which have passed the test and are publicly released here for the convenience of customer."

Ethereum Classic will continue to use the proof-of-work (PoW) consensus even while the Ethereum network works to switch to a proof-of-stake (PoS) protocol. With PoS, Ethereum will fundamentally alter its block validation and the creation of new Ethereum (ETH). This will make it unnecessary to need specific mining equipment and firmware.

However, Ethereum Classic will keep using rigs and firmware to mine its native cryptocurrency, ETC.

Ethereum Classic price climbs 54% weekly

At the time of publication, Ethereum Classic was changing hands at $39.85, down 4.84% in the last 24 hours and up 54% since the past week. The weekly gains as compared to the rest of the top 20 were partly driven by speculation that ETH miners might switch to ETC in the event of the "Merge."

In light of all the recent attention ETC appears to be receiving, AntPool, the mining pool connected to the mining rig behemoth, Bitmain, disclosed investing an initial $10 million to promote the Ethereum Classic ecosystem. It claims that this was done to advance network performance as well as to explore and develop apps for the Ethereum Classic mainnet. Bitmain also recently disclosed that it would start taking ETC for all of its Antminer models.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.