Litecoin’s Hashrate Reaches New High Amidst Approaching Third Halving Event

In the ever-growing space of virtual currencies, the decentralized peer-to-peer cryptocurrency Litecoin (LTC), which has secured the 11^th position in market cap, has been showing a fluctuating tendency over the past few weeks, with its price currently reaching $92.17, up 0.74%. According to a recent Twitter post by the DeFi analytics platform IntoTheBlock, the hashrate of the cryptocurrency has been reaching its new highs amidst the approaching halving event.

Notably, halving is a phenomenal event in the crypto space that happens approximately after every four years, by which the amount of blocks rewarded to the crypto miners are reduced by half as the name suggests. LTC, often described as “digital silver” as opposed to Bitcoin’s epithet “digital gold”, ensures the controlled supply of new coins via Litcoin halving, which is a part of its monetary policy.

Analysing the history of Litecoin halving, it is understood that the first halving took place in 2015, when the block rewards were reduced to 25 LTC per block from its double. It was in 2019, the LTC community witnessed the second halving that reduced the rewards into 12.5 LTC per block. As per reports, the next LTC halving is expected to occur on or around August 2, 2023.

Hashrate is a key security metric that measures the computational power blockchain network. It defines the security and mining difficulty of a blockchain ecosystem. In the second Litecoin halving, though the altcoin’s hashrate climbed to the then high of 523 Th/s, it was declining ahead of the event. However, as per the recent analysis, the cryptocurrency is showing a positive trajectory in terms of its hashrate. As the third Litecoin is just one day away, the cryptocurrency’s hashrate currently stands at 797.90 TH/s, with a mining difficulty of 25.64 M at block height 2,519,380.