LTC Founder Suggests Mining Pools Donate 1% Block Rewards To Litecoin Projects

Steve Anderrson
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain. Join the official channel of thecoinrepublic, For the latest news updates: https://t.me/thecoinrepublic
  • Litecoin founder Charlie Lee has suggested that Litecoin mining pools and miners donate 1% of their block mining rewards to the Litecoin Foundation.
  • The mining reward for a block validation sits at 12.5 LTC, and 1% of that reward would account for just 0.124 LTC ($6.62).
  • A donation from every miner or mining pool in the Litecoin network would result in $1.5 million in donations to these projects. 

Litecoin founder Charlie Lee has suggested that Litecoin mining pools and miners donate 1% of their block mining rewards to the Litecoin Foundation, Litcoin.com, The Lite School, or other Litecoin projects.

Currently, the mining reward for a block validation sits at 12.5 LTC, and 1% of that reward would account for just 0.124 LTC ($6.62). Such a donation from every miner or mining pool in the Litecoin network would result in $1.5 million in donations to these projects. 

Lee’s suggestion comes right after the BCH mining pool, BTC.TOP CEO, Jiang Zhuoer proposed issuing a mandatory 12.5% cut from BCH mining rewards to fund the Bitcoin Cash ecosystem.

New Foundation-Funding Method

Driving the much-needed cash towards the projects that work for the betterment of the same technology that enables the respective cryptocurrency is a positive change that will change the lives of the developers behind the innovations and the currency in general. 

Lee has taken up this idea and hopes that instead of mandating a cut from the rewards, it would be more lenient to allow miners/mining pools to voluntarily donate to projects in the Litecoin ecosystem that they support. This way, the developers of the respective projects can devote more of their time and be assured of a steady flow of income for their livelihood. 

The Lite School replied to Lee’s tweet saying that voluntary donations should have an expiry (preferably 2-3 years), and there should be a budget and a revenue model that keeps this funding self-sustainable. Funding to a cryptocurrency ecosystem developers is an essential aspect that gets ignored most of the time. 

The backbone to most of the digital currencies is built on open-source tools, or by developers who work on them in their spare time. Helping them achieve a steady income through a consistent flow of funds and building on the tools that drive the cryptocurrency is significant for long term success. 

We Recomaned

Top Rated Trading Platforms

Top Rated Cryptocurrency Exchange

Partners