- Litecoin Hashrates Drops By 50% Since Halving
- Mining Profits Have Dropped Dramatically
- Crypto Enthusiasts Fear The Same Fate For Bitcoin
Litecoin News Today – the hashrate of a crypto network tells a lot about its growth. Many digital currencies such as Bitcoin have recorded high hashrates for the past few years. recently, Litecoin recorded a dramatic drop in mining power for the past few months. The LTC block reward halving which took place in August appears to have failed to meet the expectations of community members.
Miners Are Not Profiting From Mining LTC
After the Litecoin halving, enthusiasts and traders expected things to change. A sharp increase in price, as well as more miners, were expected at the end. Things didn’t go as planned and the price of LTC took a downward dive. Mining power of the digital currency also decreased.
Analysts believe that this reduction in hashrate is worrisome and shouldn’t be ignored. In July 2019, Litecoin succeeded in reaching a peak of 520 terahash p/s. At press time, the mining power is a meager 200 terahash p/s. The rate at which the hash rate is dropping is rather alarming. The present price of LTC, as well as block reward, has made it impossible for the miners to profit except under specific conditions.
This news is certainly not a good one for Litecoin. However, it is possible that this decline in hashrate is caused by different events. Perhaps other cryptocurrencies seem more profitable to mine. One other reason is the possibility of a hashrate spike triggered by a group of persons or company. The current levels were last seen in February earlier in the year so this is a possibility.
In all of this, one thing is clear: Litecoin mining is not as popular as it was a few months ago. It goes to show that a block reward halving doesn’t always turn out to a happy event. Community members were excited before the halving but things have calmed down now.
Is Bitcoin At Risk As Well?
When crypto community members discovered about this drop in hashrate of Litecoin they began to worry about the fate of BTC after the oncoming block halving. The halving is scheduled to take place in 2020 and even though the digital currency has a decent hashrate, users fear it could face a similar reduction. Still, others believe that the value of Bitcoin will rise after the halving. This was the case for Litecoin but many were disappointed in the end. Will history repeat itself again with the largest crypto by market cap? It is still a bit too early to tell.