Litecoin news today – Litecoin halving is the event where the number of produced Litecoin rewards per block will be divided into two. The overall number of Litecoin mined by miners per block will be dropped from 25 10 12.5 LTC in this litecoin halving. The number of litecoin found per block will become more limited and this halving reward guarantees that litecoin overall supply will reach 84 million. Traders should anticipate fluctuation during this period while miners should anticipate earning lower mining rewards.
Litecoin Halving – Litecoin Price Prediction – LTC Halving Could Affect Old Model Miners
According to the LTC news update – Litecoin blockchain attained the block height of 1,680,000 on Monday, Litecoin, the fourth-largest cryptocurrency by market capitalization has just decreased its block reward for miners by half.
The litecoin blockchain has been programmed to decrease its mining rewards by half every 840,000 blocks, which is approximately every four years. Due to the halving event, the mining reward for every block has been decreased from the former value of 25 LTC to 12.5 LTC. The event indicates a significant boundary for miners.
Litecoin (LTC) Price Today – LTC / USD
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According to Litecoin price prediction, the halving will influence the interest in mining involvement, as numerous commonly used litecoin mining devices will now have a hard time producing sufficient LTC to balance electricity expenses.
The three most lucrative LTC miners made by InnoSilicon and FusionSilicon X6 had a profit between 55 and 60% before August 5th. Older models such as Bitmain’s AntMiner L3, nevertheless, previously had profitability that was less than 50% established on an electricity fee of $0.04 per kWh and LTC’s price before the halving.
Speaking on the recent Litecoin halving event, Shixing Mao, co-founder of f2pool, stated in a Weibo post: “With an electricity cost of 0.26 Yuan [$0.037] per kWh, miners like L3+ can pretty much just shut down tonight.” Retaining everything else unceasing, decreasing the mining proceeds by half could lead to a net loss for miners with such older models, he further explains.
Litecoin latest update – LTC Halving Will Influence Mining Rewards
The block creation period on the litecoin network is about one block every 2.5 minutes, approximately 576 blocks are created in every 24 hours with a new supply of 7,200 LTC going into the market, which is about half the former daily level of around 14,400 LTC according to Litecoin price analysis.
Approximately 63 million out of the entire issuance of 84 million LTC are meritoriously inflow, leaving roughly 21 million LTC block mining rewards, which is valued $2 billion at today’s prices, this value according to litecoin price analysis is open for miners to contend for in the future.
Following the price surge ahead of the expected halving event, the harsh rate calculating on the litecoin network and the mining strain have both soared by 200 percent ever since the end of December 2018. LTC’s price has witnessed a noteworthy uptick this year, the price which subsequently fluctuates from around $30 in January to about $120 in June, although the price has since June declined to around $100.
What do you think? Will the Litecoin halving be followed by a significant rise in the price of LTC? Share your thoughts in the comment section below.
Max writes about blockchain projects and regulation with a special focus on United States and China. He joined Smarterum after years of writing for various media outlets.
