Litecoin on the Brink of Third Halving: Record Hashrate and Profitable Mining Despite 17% Value Dip

In a mere fortnight, the Litecoin community is poised for its third reward halving occasion, a seismic shift that may slash the LTC miners’ block rewards from 12.5 LTC per block down to six.25 LTC. Data illustrates an intensified dedication of hashrate to the Litecoin blockchain because the crucial halving deadline attracts close to.

Litecoin Reward Halving Draws Near

Over the final two weeks, litecoin (LTC) has seen a notable descent, depreciating roughly 17% in worth towards the U.S. greenback. However, casting the gaze again a full month reveals a contrasting image, with LTC capturing a acquire of roughly 18%. In simply 15 days, the Litecoin community stands on the precipice of its third halving.

History reveals us a sample with the primary two reward reductions happening on August 25, 2015, and August 5, 2019, respectively. This forthcoming third halving is about to shrink the miners’ rewards from a considerable 12.5 LTC per block to a extra modest 6.25 LTC. In distinction to Bitcoin’s common block interval, which goals to clock in at ten minutes per block, Litecoin operates at a swifter tempo, producing a brand new block each 2.5 minutes.

At the time of writing, factoring in present LTC trade charges, a single block rewards miners with $1,161 derived from the freshly minted 12.5 LTC. If the LTC’s worth manages to keep up the identical trade charge, a block mined post-August 2, 2023, can anticipate a worth of round $580. The worth upswing of LTC over the latest 30-day span has sparked substantial curiosity, luring an abundance of Scrypt hashrate.

Litecoin’s hashrate dramatically peaked on July 4, 2023, reaching a report excessive of 1.03 petahash per second (PH/s) at block top 2,503,485. This signifies an unprecedented stage of exercise on the community. At current, LTC’s whole hashrate is coasting alongside at 804 terahash per second (TH/s).

In the mining trade, Litecoin’s application-specific built-in circuit (ASIC) mining gadgets are at present staking a declare as a number of the market’s most worthwhile equipment. For occasion, a mining rig delivering 8.8 gigahash per second (GH/s) can amass an estimated day by day revenue of $7.83. Moreover, a machine working at 9.5 GH/s might garner a barely increased day by day incomes of $9.24.

As of July 16, Viabtc reigns supreme as Litecoin’s main mining pool, dedicating a formidable 268.63 TH/s of hashrate to the LTC chain. Approximately 27 devoted mining swimming pools are channeling their hashrate towards the LTC chain. Viabtc is adopted by F2pool, contributing 136.87 TH/s, trailed by Antpool with 117 TH/s. Meanwhile, Litecoinpool provides 90.84 TH/s, Btc.com contributes 42.95 TH/s, and Poolin rounds out the sector with a contribution of 30.49 TH/s.

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