Litecoin Miners Urged to Leave Coinotron Pool Over 51% Threat

Litecoin miners are being urged to leave the Coinotron pool, due to an increase in its hash rate.

AccessTimeIconMay 21, 2014 at 12:05 p.m. UTC
Updated Feb 21, 2023 at 1:19 p.m. UTC

Presented By Icon

Election 2024 coverage presented by

Stand with crypto

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’.

  • Bitcoin Mining in the U.S. Will Become 'a Lot More Decentralized': Core Scientific CEO
    13:18
    Bitcoin Mining in the U.S. Will Become 'a Lot More Decentralized': Core Scientific CEO
  • Binance to Discontinue Its Nigerian Naira Services After Government Scrutiny
    05:10
    Binance to Discontinue Its Nigerian Naira Services After Government Scrutiny
  • The first video of the year 2024
    04:07
    The first video of the year 2024
  • The last regression video of the year 3.67.0
    40:07
    The last regression video of the year 3.67.0
  • 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 GH/s. The litecoinpool chart below pegs the pool's current hashrate at 102 GH/s.

    Screen-Shot-2014-05-21-at-12.52.35.png

    Although Coinotron has urged users to leave, its response has not gone down well with the community. Users have been criticising the pool over its failure to address the issue on the Coinotron bitcointalk thread.

    Coinotron insists it is working to resolve the problem, but some community members feel it is simply not doing enough, with miners also shouldering part of the blame.

    Although the situation has improved over the last few hours – Coinotron claims its hash rate has gone down from 115 GH/s to 93 GH/s – it is still litecoin's biggest mining pool by far.

    Are ASICs to blame?

    An increasing number of specialist scrypt ASICs have gone online in recent weeks, and their appearance has amplified the problem of centralisation on the network.

    Most of these ASICs are operated by relatively large miners, the top five account for about 50 GH/s. This means the network is anything but decentralized, yet many of these big miners are not solo mining – they are in the Coinotron pool.

    More ASIC miners are on the way, so it is also possible that a sudden influx of new ASICs distributed between alternative pools will help level the playing field.

    Bitcoin experienced a similar crisis

    Back in January the bitcoin network faced a similar threat, when the Ghash.io mining pool started approaching the 51% mark. The pool took action to reduce its hash rate and issued a number of statements over the matter.

    The temporary crisis led many in the community to develop a somewhat different approach which would essentially be a peer-to-peer mining pool with cross-platform support. Developers are still tackling the challenge, but so far such solutions have not been implemented on a large scale.

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information have been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of the Bullish group, which owns and invests in digital asset businesses and digital assets. CoinDesk employees, including journalists, may receive Bullish group equity-based compensation. Bullish was incubated by technology investor Block.one.


    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.