No Primary Litecoin Pool Will Upgrade to Segwit, Says LTC1BTC – s Founder

Jiang Zhuoer, founder of LTC1BTC, a Litecoin pool that presently controls around 12% of the network, told CCN ter an vraaggesprek that his pool won’t upgrade to softfork segwit, strafgevangenis will any primary Litecoin pool, adding that he has contacted them.

Litecoin is meant to start the Segwit softfork activation process ter just under two days, but miners can already signal their support, with only two pools doing so far, Batpool and, which ter combination control around 18% of the network.

F2Pool has the vast majority of the hashrate, presently standing at 46%. Spil such, their decision, either to upgrade or otherwise, might be conclusive. Wij have reached out for comments, but have not received a response ter time for publishing.

A representative from, a Litecoin pool that presently controls around 8% of the network’s hashrate, told CCN that they are presently on holiday and need to discuss the matter with the pool’s tech team spil well spil miners. “It needs a period of time.” – he says.

It is not, therefore clear, whether Litecoin will upgrade to Segwit, which shows up to be very similar to bitcoin’s segwit that has stalled te adoption. The only difference seems to be a 75% threshold level, rather than 95%, but the surplus seems identical.

It includes an increase of transaction capacity by 70% “if all wallets switch to using segwit,” according to the segwit client release statement and further implements the 1:Four ratio, which some have suggested gives signature powerful transactions a 75% discount spil well spil other features, such spil fixing transaction malleability.

The upgrade is desirable for the implementation of the Lightning Network, but it has bot a controversial proposal te bitcoin for numerous reasons, including suggestions that it makes further on-chain transaction capacity increases more difficult.

However, te Litecoin’s subreddit pagina the upgrade shows up popular, with price considerably enhancing on January the 30 th following suggestions that segwit’s activation process wasgoed to start.

Litecoin’s Price Around January 30th 2017 – Photo from BitcoinWisdom

Price retraced after Charlie Lee, Litecoin’s founder, stated that “Litecoinblockhalf got the SegWit signaling commence wrong.” That wasgoed evidently due to an error on how retargeting wasgoed calculated.

When suggestions to introduce segwit to Litecoin were very first made last year, some of the community appeared to be against it, but Lee has strongly supported segwit, publicly stating:

“The main fix is transaction malleability, which would permit Lightning Networks (LN) to be built on top of Litecoin. And there are a bunch more nice features of SegWit.” He further added that “with SegWit and Bitcoin’s current block scaling deadlock, I see a potential for Litecoin to help Bitcoin pauze through this deadlock… Wij have bot drafting behind the Bitcoin wedloop car for many years. It’s about time to take a turn out vuurlijn.”

The Litecoin blockchain is slightly used, with blocks usually less than ten kilobytes. It presently has 100x or more space available every Two.Five minutes, but Lee publicly says that “block scaling is just a side benefit of SegWit.” On the other mitt, Zhuoer, te the setting of bitcoin, has publicly stated that segwit is too elaborate:

“Why do the Bitcoin Core developers say that “the Segwit soft fork basically fixes every line of Bitcoin’s code”?” – he rhetorically asks before adding: “As the complexity of a system increases, it goes after that the stability of that system vereiste decrease.”

Litecoin is the very first altcoin. It wasgoed created te 2011 spil a backup to bitcoin, marketed at the time spil the silver to bitcoin’s gold. It long stood spil number Two ter market cap, but recently has faced fierce competition, especially from Ethereum and Monero. Nonetheless, it resumes to have a slightly more than $200 million market cap spil the currency seemingly remains somewhat popular te China.

Pic from Shutterstock.

  • Posted te: Altcoin News, Litecoin News, News
  • Tagged te: litecoin, miners, Segwit, softfork, upgrade

Posted by Andrew Quentson

Feel free to voeling mij at [email ,protected] with any information you may have.

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Bitcoin mining pools are a way for Bitcoin miners to pool their resources together and share their hashing power while splitting the prize identically according to the amount of shares they contributed to solving a block.

A “share” is awarded to members of the Bitcoin mining pool who present a valid proof of work that their Bitcoin miner solved. Bitcoin mining te pools began when the difficulty for mining enlargened to the point where it could take years for slower miners to generate a block.

The solution to this problem wasgoed for miners to pool their resources so they could generate blocks quicker and therefore receive a portion of the Bitcoin block prize on a consistent poot, rather than randomly once every few years.

Network Overeenstemming

If you solo-mine, meaning you do not mine with a Bitcoin mining pool, then you will need to ensure that you are te overeenstemming with the Bitcoin network. The best way is to use the official BitCore client.

If you participate ter a Bitcoin mining pool then you will want to ensure that they are engaging te behavior that is te agreement with your philosophy towards Bitcoin.

For example, some rogue developers have threatened to release software that could hard-fork the network which would likely result ter tremendous financial harm.

Therefore, it is your duty to make sure that any Bitcoin mining power you ongezouten to a mining pool does not attempt to enforce network overeenstemming rules you disagree with.

Segregated Witness

When segwit is activated, you will want to be able to mine and relay segwit-style blocks. The following mining software has bot upgraded to support segwit.

Please note that software that supports the GetBlockTemplate (GBT) RPC vereiste be upgraded to support the BIP9 and BIP145 switches to GBT. All the programs linked above that support GBT have bot upgraded.

Segwit is already activated and enforced on testnet, so you may find it useful to test your infrastructure upgrade by mining with some puny amount of hashrate on testnet. Alternatively, Bitcoin Core 0.13.1’s regression test mode (regtest) also supports segwit by default.

Bitcoin Mining Pools

There are many good Bitcoin mining pools to choose from. Albeit it’s tempting to pick the most popular one, it’s better for the health of the network to mine with smaller pools so spil to avoid potentially harmful concentration of hashing power.

The hash rate distribution is best when split among more Bitcoin mining pools.

Bitcoin Mining Pool Hash Rate Distribution

Bitcoin Mining Pool Options

For a fully decentralized pool, wij very recommend p2pool.

The following pools are believed to be presently fully validating blocks with Bitcoin Core 0.11 or zometeen:

BTCC: BTCC is a Bitcoin exchange, wallet, and mining pool located ter China. Its mining pool presently controls around 15% of the network hash rate.

Slush Pool: Slush Pool is run by Satoshi Labs, a Bitcoin company based te the Czech Republic. Slush Pool wasgoed the very first mining pool and maintains around 7% of the network hash rate.

Antpool: [WARNING] – Bitmain operates Antpool and some consider them to be a malicious actor te the Bitcoin ecosystem because of the AntBleed scandal where they were intentionally including malware within mining equipment they sell. Te a corporate communication, Bitmain claimed this wasgoed a feature and not a bug. This malware would enable Bitmain to remotely shut down equipment of customers or competitors thus enhancing their own profitability. Additionally, such behavior could pose a risk to the entire Bitcoin network.

Eligius: Eligius wasgoed one of the very first Bitcoin mining pools and wasgoed founded by Luke Dashjr, a Bitcoin Core developer. Today, the pool controls just under 1% of the network hash rate.

BitMinter: BitMinter, once one of the largest Bitcoin mining pools, now controls less than 1% of the network hash rate.

Kano CKPool: Kano CKPool wasgoed founded ter 2014 and presently has around 3% of the network hash rate under its control.

F2Pool: F2Pool is the 2nd largest Bitcoin mining pool, with around 25% of the network hash rate. Its user interface is te Chinese, making it difficult for English speakers to join.

BW Pool: BW Pool controls around 7% of the network hash rate. Like F2Pool, its user interface is te Chinese, making it difficult for English speakers to join.

Bitfury: Albeit seen publically ter block explorers and hash rate charts, BitFury is a private mining pool and cannot be joined.

Bitcoin Mining Pool Payment Methods

Calculating your share of the bitcoins mined can be ingewikkeld. Te an ongoing effort to come up with the fairest method and prevent gaming of the system, many calculation schemes have bot invented. The two most popular types are PPS and DGM. PPS, or ‘pay vanaf share’ shifts the risk to the mining pool while they ensure payment for every share you contribute.

PPS payment schemes require a very large reserve of Ten,000 BTC ter order to ensure they have the means of bearing a streak of bad luck. For this reason, most Bitcoin mining pools no longer support it.

One of the few remaining PPS pools is EclipseMC. DGM is a popular payment scheme because it offers a nice balance inbetween brief round and long round blocks. However, end users voorwaarde wait for utter round confirmations long after the blocks are processed.

PPS: The Pay-per-Share (PPS) treatment offers an instant, ensured payout for each share that is solved by a miner. Miners are paid out from the pools existing balance and can withdraw their payout instantaneously. This specimen permits for the least possible variance te payment for miners while also transferring much of the risk to the pool’s technicus.

PROP: The Proportional treatment offers a proportional distribution of the prize when a block is found amongst all workers, based off of the number of shares they have each found.

PPLNS: The Pay Vanaf Last N Shares (PPLN) treatment is similar to the proportional method, but instead of counting the number of shares te the round, it instead looks at the last N shares, no matter the boundaries of the round.

DGM: The Dual Geometric Method (DGM) is a hybrid treatment that enables the technicus to absorb some of the risk. The technicus receives a portion of payouts during brief rounds and comebacks it during longer rounds to normalize payments.

SMPPS: The Collective Maximum Pay Vanaf Share (SMPPS) uses a similar treatment to PPS but never pays more than the Bitcoin mining pool has earned.

ESMPPS: The Equalized Collective Maximum Pay Vanaf Share (ESMPPS) is similar to SMPPS, but distributes payments identically among all miners te the Bitcoin mining pool.

RSMPPS: The Latest Collective Maximum Pay Vanaf Share (RSMPPS) is also similar to SMPPS, but the system prioritizes the most latest Bitcoin miners very first.

CPPSRB: The Capped Pay Vanaf Share with Latest Backpay uses a Maximum Pay Vanaf Share (MPPS) prize system that will pay Bitcoin miners spil much spil possible using the income from finding blocks, but will never go bankrupt.

BPM: Bitcoin Pooled mining (BPM), also known spil “Slush’s pool”, uses a system where older shares from the beginning of a block round are given less weight than more latest shares. This reduces the capability to cheat the mining pool system by switching pools during a round.

POT: The Pay on Target (POT) treatment is a high variance PPS that pays out ter accordance with the difficulty of work returned to the pool by a miner, rather than the difficulty of work done by the pool itself.

SCORE: The SCORE based treatment uses a system whereby a proportional prize is distributed and weighed by the time the work wasgoed submitted. This process makes straks shares worth more than earlier shares and scored by time, thus prizes are calculated ter proportion to the scores and not shares submitted.

ELIGIUS: Eligius wasgoed designed by Luke Jr., creator of BFGMiner, to incorporate the strengths of PPS and BPM pools, spil miners submit proofs-of-work to earn shares and the pool pays out instantaneously. When the block prizes are distributed, they are divided identically among all shares since the last valid block and the shares contributed to stale blocks are cycled into the next block’s shares. Prizes are only paid out if a miner earns at least. 67108864 and if the amount owed is less than that it will be flipped overheen to the next block until the limit is achieved. However, if a Bitcoin miner does not submit a share for overheen a period of a week, then the pool will send any remaining balance, regardless of its size.

Triplemining: Triplemining brings together medium-sized pools with no fees and redistributes 1% of every block found, which permits your share to grow quicker than any other Bitcoin mining pool treatment. The administrators of thesis Bitcoin mining pools use some of the Bitcoins generated when a block is found to add to a jackpot that is triggered and paid out to the member of the pool who found the block. Ter this way, everyone ter the pool has a better chance to make extra Bitcoins, regardless of their processing power.

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