Since the last Litecoin halving event, the Litecoin network has not remained the same. The Litecoin halving event 2019 took place on the 5th of August. The event saw the reduction of the mining reward on the network by 50%, from 25 LTC down to 12.5 LTC. Since the reward on the network was slashed, the mining hash rate on the Litecoin’s network has dropped by 28 percent.
Litecoin Mining Difficulty Has Dropped to 11.4 million from 15.93 million prior to the Halving – Litecoin News Today – Cryptocurrency News Today – Crypto News Update
The mining difficulty of Litecoin (LTC) was 15.93 million a day before the halving of the reward on the network – August 4. However, that number has gradually reduced to about 11.4 million as of August 22. This data was gotten from a BTC.com – a mining pool. According to the data from the mining pool, the hash rate of the Litecoin network has plunged by 28 percent since the block mining reward halving occurred.
Mining difficulty and hashing power are a measure of the amount of computing power being contributed to the network of a digital currency, including securing transactions on the blockchain. Mining difficulty and hash rate also give a snapshot of the rivalry involved for miners looking for the reward of a block.
Litecoin (LTC) Price Today – LTC / USD
Litecoin (LTC) Is Feeling the Aftermath of the Halving – Litecoin News – Crypto News – Cryptocurrency News Update
After the Litecoin halving event, miners on the Litecoin network now receive only 12.5 LTC for mining a block. This reward value is half of what they used to receive prior to the halving event. In addition, LTC USD price has been on a downward trend since the beginning of this month. A few weeks to the halving, LTC to USD price was over the $100 mark. However, the beginning of this month saw LTC to USD price fall below the $100 level. On the day of the halving, the price of Litecoin (LTC) surged to a high of $107. However, the digital currency has plunged heavily below that level and it is now struggling around the $74 range.
Some crypto analysts predicted that the digital currency market would experience turmoil after the Litecoin halving event. The supply of Litecoin has reduced in form of regular block rewards. However, the uncertainty around profitability and mining has caused the price of Litecoin to dip. The founder of Litecoin – Charlie Lee – predicted that an event like this would occur. However, he also said that the readjustment in mining difficulty would smooth things out for Litecoin to a large extent.