June 18, 2024

Charlie Lee invites LTC miners to donate part of the reward to the fund

Charlie Lee invites LTC miners to donate part of the reward to the fund

The Litecoin Foundation is underfunded and is considering various support optionsdevelopers.

On January 25, Charlie Lee tweeted:

I think the best financing optiondevelopment will be the voluntary donations of miners. Miners can give the fund a small portion of their block reward. How about Litecoin mining pools donate 1% (0.125 LTC) of our fund's rewards?

This proposal provoked a lot of criticism.among community members. Some commentators suggested that Charlie Lee should pay for the work of his employees, “using the money received during the sales of LTC at the peak of the price.”

It is worth noting that after the halving, the reward for mining the Litecoin block dropped to 12.5 LTC, which forced many miners to switch to mining other currencies. 

At the end of 2019, rumors appeared about the bankruptcy of the Litecoin Foundation. On October 13, Lee tweeted: 

Don't listen to stupid alarmists and liars. We have enough money to last at least 2 years.