Alexander Savenkov In just two weeks, the Litecoin network is set to undergo its third reward halving event, a significant milestone that will reduce miners’ block rewards from 12.5 LTC to 6.25 LTC. As the deadline for this critical halving draws near, data indicates a surge in hashrate dedicated to the Litecoin blockchain.
Approaching the Litecoin Reward Halving
Litecoin (LTC) has experienced a noticeable decline in the past two weeks, with a roughly 17% depreciation in value against the U.S. dollar. However, looking back over the course of a month tells a different story, as LTC has gained around 18%. Within just 15 days, the Litecoin network is on the verge of its third halving.
Historically, the first two reward reductions occurred on August 25, 2015, and August 5, 2019, respectively. The upcoming halving will reduce miners’ rewards from a significant 12.5 LTC per block to a more modest 6.25 LTC. Unlike Bitcoin’s average block interval of ten minutes, Litecoin operates at a faster pace, generating a new block every 2.5 minutes.
At the time of writing, considering the current LTC exchange rates, a single block rewards miners with $1,161 derived from the freshly minted 12.5 LTC. If LTC’s price manages to maintain the same exchange rate, a block mined after August 2, 2023, can expect a value of around $580. The recent price surge of LTC over the past 30 days has sparked significant interest, attracting a multitude of Scrypt hashrate.
Litecoin Hashrate as of July 17, 2023
On July 4, 2023, Litecoin’s hashrate reached an all-time high of 1.03 petahash per second (PH/s) at block height 2,503,485, indicating an unprecedented level of network activity. Currently, LTC’s total hashrate is stable at 804 terahash per second (TH/s).
In the mining industry, Litecoin’s application-specific integrated circuit (ASIC) mining devices are among the most profitable machinery in the market. For example, a mining rig delivering 8.8 gigahash per second (GH/s) can generate an estimated daily profit of $7.83. Furthermore, a machine operating at 9.5 GH/s could earn a slightly higher daily profit of $9.24.
As of July 16, Viabtc stands as Litecoin’s leading mining pool, contributing a formidable 268.63 TH/s of hashrate to the LTC chain. Approximately 27 dedicated mining pools are directing their hashrate towards the LTC chain. Following Viabtc is F2pool with 136.87 TH/s, trailed by Antpool with 117 TH/s. Litecoinpool adds 90.84 TH/s, Btc.com contributes 42.95 TH/s, and Poolin rounds out the list with a contribution of 30.49 TH/s.
We’d love to hear your thoughts on the upcoming Litecoin halving. Share your opinions and insights on this topic in the comments section below.
Table Of Contents
Frequently Asked Questions (FAQs) about Litecoin halving
What is the Litecoin halving?
The Litecoin halving is an event where the block rewards for miners on the Litecoin network are reduced by half. This is the third halving in Litecoin’s history, slashing the rewards from 12.5 LTC to 6.25 LTC per block.
When will the Litecoin halving occur?
The upcoming Litecoin halving is set to take place in just two weeks, on August 2, 2023.
How does Litecoin mining profitability change after the halving?
After the halving, Litecoin mining profitability is expected to decrease as the block rewards are reduced. Miners will receive half the number of LTC coins for each block they successfully mine.
What impact does the Litecoin halving have on the hashrate?
The Litecoin halving has caused an intensified dedication of hashrate to the Litecoin blockchain. The record hashrate indicates increased mining activity and interest in the network.
Which mining pools contribute the most hashrate to Litecoin?
As of July 16, 2023, Viabtc is the leading mining pool, contributing a significant amount of hashrate to the Litecoin chain. F2pool, Antpool, Litecoinpool, Btc.com, and Poolin also contribute substantial hashrate to the network.
How does the Litecoin halving affect the price of LTC?
The Litecoin halving can have an impact on the price of LTC. The reduced block rewards may create a supply shortage, leading to increased demand and potentially driving the price upward. However, market forces and investor sentiment also play significant roles in determining the price of LTC.
More about Litecoin halving
- Litecoin Official Website
- Litecoin Block Explorer
- Understanding Litecoin Halving
- Current Litecoin Hashrate
- Viabtc Mining Pool
- F2pool Mining Pool
- Antpool Mining Pool
- Litecoinpool Mining Pool
- Btc.com Mining Pool
- Poolin Mining Pool
