I have been mining on it for almost exactly 12 hours and have just a little over 1 LTC with a 2.7 MH/s average.
I have just been sitting here watching the pool's hashrate go up. From .5 GH/s to 36 GH/s (22% network hashrate) within 12 hours.
I have just been sitting here watching the pool's hashrate go up. From .5 GH/s to 36 GH/s (22% network hashrate) within 12 hours.
Hmm, I just threw some numbers in my brain concerning this..
so 1 LTC in 12h with 2.7MH/s.. Thats 10 LTC in 12h with 27MH/s and 100 LTC in 12h with 270MH/s and 1000 LTC in 12h with 27 GH/s
So if I understand correctly.. They have almost 40 GH/s now.. Thats roughly 1700 LTC in 12h or 3400 in 24h.
They do this promo for six more days which gives:
6 * 3400 LTC = 20.400 LTC
20.400 LTC * 16 $ = 326.400 $
So they spend 326.000 $ AS A PROMO
WTF ??!?! Are they cooperating Coca-Cola or so ?? That is why I am kind of wary. Yes, I am enjoying the mining profits, but I don't want the pool to get too large and devalue LTC.
It's a smart promotion, but I would assume 90%+ miners will leave afterwards leaving little pool fees generated to make up for the investment. However, if they wanted to quickly gather up as much hashrate as possible to perform a 51% attack, that is a whole different scenario. Then who knows what they have planned.
Like I said, this is the same pool service that almost reached 51% on BTC. Since it was climbing steadily, the community became aware and decentralized to other pools.
This pool just went 0-25% in 12 hours and they didn't even announce the promotion beforehand. This rapid increase towards 51% and the little time given to the community could allow them to execute the attack before any speculations are made.