Not Only Bitcoin, Crypto Community Also Look Forward To Halving Litecoin

The crypto community is looking forward to halling Litecoin. (Photo; Doc. DigitalTrends)

JAKARTA - Litecoin, one of the leading cryptocurrencies, has experienced a volatile journey over the past two weeks. During that period, the Litecoin (LTC) value was depreciated at 17 percent of the US dollar. However, if you look back more broadly over the full month, LTC has increased by about 18 percent, indicating contrasting value fluctuations.

Important events that are currently being anticipated are halving or the third distribution of rewards on the Litecoin network. This pattern has occurred earlier on August 25, 2015 and August 5, 2019. This third Haling will occur in the near future and will reduce the prizes given to miners from 12.5 LTC per block to 6.25 LTC.

Given that LTC generates new blocks every 2.5 minutes, as opposed to Bitcoin which records ten minutes per block, this third division means the prizes for miners will decrease.

In relation to the current exchange rate, each Litecoin block mined gives wages of 1,161 US dollars originating from the newly minted 12.5 LTC. However, after the third division takes place, the estimated value received per block will be around 580 US dollars (Rp8.6 million) if the LTC price is maintained. The increase in LTC value in the last 30 days has attracted great interest and increased the HashrateSCrypt, which reflects the level of mining activity in the network.

Hashrate Litecoin, which is the total computing power measure used to process transactions and create blocks, peaked on July 4, 2023, hitting a record high of 1.03 petahash per second (PH/s) at a block height of 2,503,485. However, currently, the total LTC hashrate is stable at 804 terahash per second (TH/s).

The mining industry Litecoin is currently dominated by ASIC devices (a special integrated circuit) which are claimed to be the most profitable machines in the market. For example, a mining rig that produces 8.8 gigahash per second (GH/s) can reap a daily profit of 7.83 US dollars, while machines operating at 9.5 GH/s can earn a daily income of around 9.24 US dollars.

The Viabtc mining pool became the leading in the Litecoin network on July 16, with a total hashrate of 268.63 TH/s. A total of 27 other mining pools also contributed to the LTC chain, with F2pool accounting for 136.87 TH/s, followed by Antpool with 117 TH/s. There is also Litecoinpool which adds 90.84 TH/s, Btc.com with a contribution of 42.95 TH/s, and Poolin completes this list with 30.49 TH/s.