JAKARTA - Litecoin, one of the popular cryptocurrencies, has increased, especially those related to the level of mining difficulties. For information, Litecoin's mining difficulty rate has reached 26.38 million in the 2,498,491 block, indicating increasingly complex mining activities.
This increase is related to the planned halving event approach which will occur in August. This halving event cuts half the reward received by miners once every four years.
Previous halling events in 2015 and 2019 helped create Litecoin scarcity and reduce coin value. With events to come in the next two months, miners are expected to invest in stronger equipment to maximize the current potential reward while increasing profit opportunities when rewards are reduced.
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The high level of mining difficulty has an important role in maintaining the security and integrity of the Litecoin blockchain. This level of difficulty ensures that new blocks are not made too fast or too slow, thus preventing manipulation and protecting existing transactions. The high level of difficulty also provides obstacles to attempts to damage transaction history or hack the Litecoin network, because it will cost a lot of money and effort.
However, increasing mining difficulties also carries several challenges. Demand for higher computing power also increases energy consumption, which has a negative impact on the environment by increasing carbon footprint.
Additionally, high levels of difficulty can make the Litecoin network more centralized or centralized, with only a few miners (miners) with advanced equipment able to control the mining process, while small-scale miners face greater challenges.
In addition, increasing mining difficulties also encourages the production rate of stronger mining equipment. Manufacturers are competing to develop new technologies that can face a higher level of difficulty. However, this can also make existing mining equipment obsolete and ineffective.
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