Warning: Litecoin Miners Need To Leave Coinotron
Coinotron is way too close to 51% of the Litecoin Network Hashrate. The Litecoin Community is currently coming together to deal with one of cryptocurrency's most existential threats: that of a 51% attack. At this point, Coinotron has not attempted any sort of malicious activity. In fact, Coinotron has stated that: "I have contacted with our biggest miners. We are working on solution to mitigate risk of Coinotron's hashrate raising over 50% of LTC network hashrate." However, in the days since that message, Coinotron's hashrate has not dropped at all. For the last several days, Coinotron has....
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Litecoin miners are being urged to leave the Coinotron mining pool due to an increase in its hash rate, which has been edging toward 51% of the network's total. Despite warnings from the litecoin community across forums like reddit, the pool briefly crossed the 50% mark this week - leaving the litecoin network vulnerable to a so-called '51% attack'. A 51% attack allows an attacker to make double-spend transactions, reverse transactions, prevent confirmations and corrupt the network. The total hash rate of the litecoin network stands at 212.947 GH/s and Coinotron's hash rate peaked at 115....
KNC is working with mining pools to improve the hash rate for their Titan customers after learning that customers saw hash rates under the promised 300MH/s. KNC is focusing on working with CleverMining as they're the largest pool on the Litecoin network. KNC has tested the Titan on several mining pools and has noted that certain pools perform notably better. WeMineLTC, GHash, and LiteGuardian are the highest performing pools tested while Coinotron and CleverMining mining pools are consistently lower. Also read: KNC Titans: Missed Quarter 3 Deadline and No Refunds. KNC Works with Mining....
Read the press release by Ghash.io here. This is a WARNING to all Bitcoin Miners. We sincerely request that miners using Ghash.io leave the pool for other smaller pools to create a more decentralized Bitcoin hash distribution. The Bitcoin pool Ghash.io has in the last 24 hours had more than 42% of the entire Bitcoin mining power making them the biggest Bitcoin mining pool in the world. If they receive more than 50% of the mining power they will be able to double spend their Bitcoins and possibly destroy the Bitcoin value (so called 51% attack). View the recent hash distribution pie chart....
Litecoin, the world's third largest cryptocurrency ($ 137,703,781 in marketcap) created in October 2011 by Former Google Engineer and current Coinbase Director of Engineering Charles Lee was popular among digital currency miners due to its implementation of a unique ASIC resistant proof of work algorithm called s-crypt (scrypt). ASIC stands for Application Specific Integrated Circuit and is used by miners to verify hashed transactions on litecoin and bitcoin networks. Due to the network's resistance to ASIC products, the number of miners rapidly increased and litecoin thrived for the past....
In the past, some have called Litecoin the “silver to Bitcoin’s gold.” Now many Bitcoin proponents are eagerly watching Litecoin as miners have just begun signaling for Segregated Witness (Segwit). Bitcoin community members hope Litecoin’s Segwit implementation may show a silver lining beneath the ongoing scaling debate. Litecoin Miners Begin to Signal....