Even though things are improving for Litecoin as a whole, there are still some issues. The majority of mining power is still controlled by F2Pool. This problem has persisted for nearly two weeks now. It does not appear this situation will change anytime soon, which is worrisome. One pool controlling most of the mining power is never a good outcome.
F2Pool Continues To Control Litecoin Hashrate
One would have expected the F2Pool situation to be addressed by now. For some reason, this pool still controls most of the Litecoin network hashrate right now. This problem has persisted for two weeks and only seems to grow worse. More specifically, F2Pool controls 57% of the hashpower right now. Earlier this week, this was just above 51%. It is evident nothing is being done to revert this situation anytime soon.
Some people are growing concerned over this situation, and rightfully so. Litecoin’s hashpower is dominated by one pool, which should never happen. Considering how this situation is only growing worse, it is evident something needs to change. Unfortunately, the miners are not switching pools right now. It is unclear why no one is taking this situation seriously right now, though.
When one pool controls over half of the network, they can effectively perform a 51% attack against the network. It is doubtful F2Pool will do this, but one never knows what is happening in the long run. Most of the miners are content to see F2Pool dominate the network without repercussions. Although no damage has been done so far, this situation needs to be rectified soon. It is unclear what the plan of action is right now, though. In fact, there does not appear to be a plan.
To some people, this mining pool situation resembles a centralized cryptocurrency. It is not hard to see why people would think along those lines. The idea of this situation fixing itself is no longer valid by the look of things. Moreover, the pool itself does not undertake any action to ensure this problem is solved. It is a problematic turn of events for Litecoin, especially considering the progress made over the past few months. We can only hope this problem solves itself sooner rather than later.
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