Litecoin Founder Charlie Lee Proposes Miners Donate 1% to LTC Foundation

Michael LaVere
  • Litecoin founder Charlie Lee proposed that miners should donate 1 percent of their block reward to support the Litecoin Foundation.
  • Lee also opened the door for miners to decide where to contribute their funds to support Litecoin's development. 

Litecoin founder Charlie Lee has proposed a new method for funding the LTC Foundation, which would involve mining pools voluntarily donating one percent of their block reward. 

In a series of tweets published Jan. 24, Lee argued that a better method for funding Litecoin’s development and the LTC Foundation involved direct donations from mining pools. Lee proposed that mining pools should donate one percent of their block rewards to support the Foundation, which would amount to ~$1.5 million per year. 

In a subsequent tweet, Lee pointed out that LTC mining pools are already making 105% percent as a result of the merger of Dogecoin and other Scrypt coin mining with litecoin, making a one percent donation more reasonable. 

Lee also floated the option for miners to decide where to allocate their donation in support of LTC’s development, which includes organizations besides the Litecoin Foundation. 

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