Bitmain, the world's largest ASIC chip manufacturer, announced the creation of DAO, a Decentralized Autonomous Organization, whose goal is to develop the ETC ecosystem, which continues to use mining as a method of security and consensus.
The company's manager has stated that it is a non-profit organization composed of FTE and POW (Proof Of Work) builders.
The announcement of Bitmain as a driver of ETHEREUM CLASSIC took place during the World Digital Mining Summit Global 2022.
They already have a fund of USD 10 Million, although distributed in 5 million in USDT and 5 in ETC. This fund has one goal, which is to support specialist developers and programmers of Ethereum Classic software and cryptocurrency mining. Also, it involves the development and design of mining equipment.
Bitmain representative states: "We want to introduce ETC at the highest level of intelligent blockchains that are based on PoW consensus, with high decentralized security and resistance to censorship".
Consequences of ETHEREUM CLASSIC after the Merge
Bitmain has an interest in Ethereum Classic mining and its ecosystem because of the recent ETH merger.
The ETHEREUM miners were forced, after the Merge, to migrate to other networks, and ETHEREUM CLASSIC was the main network for them, receiving more than 150 TH/s. In addition, it is the network with the highest number of Hashrate o GPU mining participation.
Bitmain's interest is based on all the equipment that could be developed in the future, since it is possible to mine with graphics cards (GPU) or ASICs.
During his presentation, Xmei Lin also raised the idea that Bitmain is reportedly working on a deal with Tether, a company whose main product is a stablecoin tied to the price of the dollar.
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