F2Pool Still Controls Over 51% of the Litecoin Hashrate

It appears as if the Litecoin mining pool situation has not been resolved yet. Earlier this week, it appeared F2Pool was controlling a majority of network hashing power. The number was declining quickly, and people assumed things would sort themselves out. That is not the case, as F2Pool now controls even more hashing power than a few days ago.

F2Pool Is Still Controlling The Litecoin Network

It is never good to see one mining pool control over half of the entire network. In the world of Litecoin, this problem has been prevalent for nearly a week now. The F2Pool mining operation currently controls 54.2% of the total hashrate. As a result, it would effectively be able to execute a 51% attack against the network and take over control. That would not be in the pool’s best interest to do so, though.

Interestingly enough, it appeared F2Pool was in the process of reducing its hashrate. Although the company never specified how they would do this, the hashrate was declining a few days ago. For some unknown reason, the percentage has increased to over 54% again. it seems miners will need to manually redirect their hashpower to a different pool until this issue is resolved. Then again, people want the most bang for their buck, and mining at a larger pool often means getting more rewards per day.

There is also the aspect of additional mining hardware being deployed. Bitmain is currently shipping out their new generation of Litecoin mining hardware. It is evident some people have received their package and are directing their mining power to F2Pool right now. it is possible other pools will eventually catch up. Then again, that process could take weeks, if not months.  It is a bit of an uneasy situation, but not a very harmful one right now.

For the time being, this uneven hashrate distribution is not affecting Litecoin all that much. It is a bit of a problem, but nothing that can’t be solved amicably, by the look of things. It is not the first time we see one pool growing a bit too powerful either. Events like these are happening all over the cryptocurrency world and eventually sort themselves out. We can only hope miners get their new hardware online and point it at different pools sooner rather than later.

Header image courtesy of Shutterstock