[sneakgeekz]

URGENT: If you are using F2Pool it is highly recommended you switch pools to help maintain a healthy LTC network by spreading out the hash distribution. I was on F2 and switched over to litecoinpool.org.
I also use a smaller pool  https://give-me-coins.com. The rewards are smaller but they are a free pool and I like that they offer scrypt merge mining with Doge, Via, and Sys. 

I was going to make a video about this but felt it was an important enough issue to copy and paste the article.
Stay tune for my upcoming video detailing which pools I use and network update.

http://www.newsbtc.com/2017/06/08/f2pool-controls-half-litecoin-networks-hashrate-right-now/

 

F2Pool Controls Over Half of the Litecoin Network’s Hashrate Right Now

Posted on11:00 am June 8, 2017AuthorJP BuntinxCategoriesAltcoins1

If all things go according to plan, this problem should be solved in a few hours from now.Something is wrong with the Litecoin hashrate distribution.To be more specific, F2Pool currently controls 52.4% of the entire mining hashrate. Earlier today, that number was closer to 56%. It is unclear what is happening exactly, although it seems the situation will be rectified soon. It looks as if someone directed a lot of ASIC mining power to this pool over the past few days.

F2Pool is Over the 51% Hashrate Threshold

It is never good to see a mining pool control over half of the network hashrate. This would effectively allow F2Pool to take control of the Litecoin network, if they were inclined to do so. That does not appear to be the case, though. It is still a situation that needs to be addressed sooner rather than later. Having one pool control the majority of hashrate never bodes well if things are not solved quickly.Luckily, it appears Charlie Lee is on the case already. It is unclear what will be done to revert this dominant position, though. The hashrate of F2Pool is dropping slowly, but it will take time to get it below 50%. The pool has always been one of the largest Litecoin mining pools, though. This sudden growth is both unexpected and unprecedented in the Litecoin ecosystem. It is good to see there is no malicious intent to take over the Litecoin ecosystem, though.

 

It is possible the recent value increase of Litecoin attracted a lot of new miners. Even though the LTC price is a bit flat these past few weeks, it is still a profitable cryptocurrency to mine. That is, assuming one has access to both powerful hardware and cheap electricity. Until we know who is responsible for this sudden change in network hashrate, all one can do is speculate. It is evident someone feels mining Litecoin is the worth their while right now.If all things go according to plan, this problem should be solved in a few hours from now. There is no imminent threat to the network right now, though, so no one should panic either. F2Pool is getting a more popular than anticipated, but the issue will be resolved with ease. Issues like these may arise from time to time, though. It is good to see F2Pool and Charlie Lee take action to make sure this matter is resolved quickly. The Litecoin network is in good hands, that much is evident. 

http://www.newsbtc.com/2017/06/08/f2pool-controls-half-litecoin-networks-hashrate-right-now/

Comments

[twitterbot]

Charlie Lee tweeted @ 08 Jun 2017 - 00:39 UTC

@nextgenappsllc I'm talking to @f2pool_wangchun about it.

Disclaimer: I am just a bot trying to be helpful.

[harleytoots]

I'm in...newbie here

[harleytoots]

I'm in...i think....lol new at this...ty

[sneakgeekz]

I got you @harleytoots. Thanks.

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[sneakgeekz]

I added 2 paragraphs of my recommendation to this urgent situation, I added a graph depicting the total hash distribution that was not included in the article and I posted 2 links to the original article. I knew I was taking a risk but I thought the urgency of the situation warranted it. Let me know your thoughts?