Litecoin Hashrate Spikes as LTC Halving Approaches

The Litecoin block halving event is expected to occur on August 2, provoking a substantial increase in the network’s hashrate. 

Litecoin (LTC) has remained among the most trending crypto assets in the market lately. This recent high demand for the asset has been primarily attributed to the upcoming halving event on the Litecoin blockchain.

With the block reward-drop event fast approaching, the hashrate of Litecoin has continued to attain new highs in recent weeks. Leading market intelligence platform, IntoTheBlock drew attention to this bullish development today. 

The top analytic platform further shared a snapshot of Litecoin’s hashrate chart. The latest data showed that the momentum leading up to Litecoin’s 2023 halving is higher than the August 2019 halving event. 

The hashrate of @litecoin continues to reach new highs as the anticipated halving approaches. Unlike the previous halving, when the hashrate was declining ahead of the event, the current trend shows increasing momentum.
With the halving just one day away, what are your… pic.twitter.com/0bqbVaZdyl

— IntoTheBlock (@intotheblock) August 1, 2023

Notably, Litecoin’s hashrate has recorded a considerable increase ahead of the 2023 LTC halving. Meanwhile, it decreased vastly ahead of the network’s previous halving. At press time, the hashrate surpassed 700 TH/s and is steering firmly towards 800 TH/s. On the other hand, it dropped below 400 TH/s when the last halving occurred. 

For context, hashrate is the computational power per second used for mining or processing transactions on a proof-of-work blockchain network. The increasing Litecoin hashrate indicates that the network can process more transactions per second. 

Amid this rising hashrate, a market watcher recently lamented the stagnant network activity. 

Litecoin 2023 Halving Event

Litecoin undergoes the halving event at a four-year interval. This implies that miners’ reward for producing a block on the Litecoin network is reduced after every four years. This also reduces the rate at which new LTC tokens are created. 

Litecoin’s initial block reward stood at 50 LTC. The first halving event, which occurred in 2015, dropped the rewards to 25 LTC. Accordingly, the 2019 halving lowered it to 12.5 LTC per block produced. 

Notably, the third halving event scheduled for August 2, 2023, would take Litecoin’s block rewards to 6.25. This event is expected to occur at a block height of 2,520,000. At press time, the block height stood at 2,519,390. 

1000 blocks until the HALVING!$LTC ⚡

— Litecoin (@litecoin) August 1, 2023

LTC investors are optimistic that this development would positively impact the asset’s price. Nonetheless, it bears noting that LTC is down 16.6% in the last 30 days but posting an increase of 3% over the past seven days. 

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• Source: https://thecryptobasic.com/2023/08/01/litecoin-hashrate-spikes-as-ltc-halving-approaches/?utm_source=rss&utm_medium=rss&utm_campaign=litecoin-hashrate-spikes-as-ltc-halving-approaches