Litecoin Founder Proposes 1% Mining Tax

Charlie Lee, creator of Litecoin, suggested that miners should donate to finance the cryptocurrency development project.  

 “How about Litecoin pools donate 1% (0.125 LTC) of block rewards to the @LTCFoundation? If every miner/pool does this, it amounts to about $1.5MM donation per year!” Lee said.

He noted that donation, with even 1% consistently, would help Litecoin go forward and hit its target.   

The proposal is aimed at facilitating the cryptocurrency development, especially as it became difficult to generate enough gains amid plans to achieve decentralization.

Lee had earlier denied rumors that his foundation was facing bankruptcy. He tweeted on October 13:

“Don’t listen to stupid fud and lies,” Lee said. “We have enough money to last 2 years.”

It seems that Lee was not the first one to propose donation to support the crypto business. Bitcoin Jesus Roger Ver had previously suggested a 12.5% tax on block mining rewards.

Unlike Bitcoin Cash, LTC miners can freely decide where to pay the tax, such as or the Lite school. However, in the case of BCH, a Hong Kong corporation will collect the funds to legally distribute them.

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Rabea Maguid 551 Articles
Rabea Maguid is a journalist completely obsessed with crypto industry. He holds B.A. from Al-Azhar University, and has a background in journalism and economics. Rabea Maguid likes to think about the future in a positive way, and sees blockchain as a potential driver of deep societal change.