The long-awaited Litecoin halving 2019 has come and gone. According to the creator of Litecoin, the Litecoin halving event was a success. This means that the reward for mining a block on the network is now 12.5 LTC and no longer 25 LTC. Reward halving usually takes place after the mining of 840,000 blocks, which is roughly about every four years. However, since the halving that took place on August 5, many things have been going sideways.
Litecoin (LTC) Price Today – LTC / USD
Prior to the Litecoin halving 2019, the hash rate of the network surged to an all-time high of 523.8 Th/s on the 14th of July. A few weeks to the event, during an interview, the founder of Litecoin – Charlie Lee – talked about the possible impact of the halving event. Lee said that the event is always kind of a shock to the Litecoin system. He further added that:
“When rewards for mining blocks is reduced by 50 percent, mining will no longer be profitable to some miners, and they will shut down their operations. If a significant percentage of miners do that, the blocks will slow down for some time. For Litecoin (LTC), it is three and a half days before the next change, so possibly like seven days of slower blocks, and then after that, the difficulty will readjust and everything will return to normal.”
Litecoin (LTC) Price Drops By 25 Percent since the Halving Event – Litecoin Price Prediction – Cryptocurrency News Today – Cryptocurrency Market Update
The price of Litecoin (LTC) has plunged heavily from its year-to-date high. The digital currency is now struggling below the $90 mark. The price of Litecoin is down by about two percent over the past twenty-four hours, bringing the year-to-date to about 175 percent from over 350 percent. Since the halving event, the price of Litecoin (LTC) has plunged by 25 percent. On the day of halving, the price of LTC surged higher and broke over the $100 mark. LTC USD price even tested the $107 mark before it started correcting lower. Nevertheless, this is not surprising as Lee said:
“When it comes to price, the halving event should be priced in because everyone knows about the event since the beginning of the year. Moreover, similar movements occurred after the last halving of LTC reward.”
Litecoin (LTC) Hash Rate Drops By 22 Percent since Halving and 31 Percent from All-Time High
On August 6, which is a day after the halving, the Litecoin (LTC) network did not see much changes as the creator of LTC tweeted. Since the event, twelve blocks have been mined in 17 minutes. This shows that miners are still in the business. Rather, it is taking them 1.4 minutes on average to mine a block, which is much faster than the expected 2.5 minutes. This means that the mining difficulty of the network has dropped enormously.
LTC mining difficulty from its highest level of 16.5M on the 15th of July has dropped to 15.2M. According to data from Bitinfocharts, the hash rate of Litecoin has dropped by 31 percent from its all-time high. Meanwhile, Litecoin (LTC) hash rate has dropped by 22 percent since the halving of block rewards took place. On the day of the halving, the hash rate of Litecoin was at 458.3 Th/s which plunged to 359 Th/s on the 9th of August.