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WARNING: BREAKING NEWS: F2POOL REACHES 50.6% Litecoin Hashrate – 51%

WARNING: BREAKING NEWS: F2POOL REACHES 50.6% Litecoin Hashrate – 51%

F2Pool, one of the largest mining pools in china for  Bitcoin and Litecoin has reached over 50% Network hashrate. This is an honest pool, but they are now in a position where they can call shots on the network if they were a dishonest entity. They are an honest entity and have caused no harm to the Litecoin network, just to make that clear.

This however is a serious problem and has more mining centralization than Bitcoin at present. Please, please if anyone is mining there, point your hashrate somewhere else. This is a serious problem and undermines the decentralized nature of Litecoin.

Litecoin, like Bitcoin has an important place in the Cryptocurrency world, while Bitcoin is a good store of value or large transactions, Litecoin with the pending segwit implementation is likely to become a more promising vector than Bitcoin for day to day transactions.

This is not the end of the world, the sky is not falling. But I kindly ask anyone mining here to mine elsewhere so hashrate drops below 50.6%. The below chart shows the hashrate distribution:

Anyone on multipools, get off mining multiple coins and get mining LTC directly to support the network!

We have contacted F2Pool for comment to see what steps they may take to mitigate this.

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