Bitcoin (BTC) and Litecoin (LTC) Hash Rates Grew Exponentially in the Past Year
Bitcoin’s and Litecoin’s Hash Rates Exponentially Grew During the Last Year
Litecoin is one of the largest and most known virtual currencies in the market. It has a great development team behind and it always implements upgrades that are later embraced by Bitcoin. The ecosystem around this cryptocurrency continues to expand as well.
Compared to October 2017, Litecoin’s hash rate has increased by more than 750%, according to some reports. However, since June 2018, the network lost around 25% of it hash rate. There are several miners that prefer to mine Litecoin rather than Bitcoin since it is easier and simpler to do it. At the same time, merging Litecoin and Dogecoin allows miners to be incentivised even more.
In June 2018, Litecoin reached an record in is hash rate close to 350 Tera hash. Although there are some miners that prefer to invest in Litecoin mining, some users are moving towards easier cryptocurrencies to mine.
During bear markets, miners tend to leave mining activities. The price of some virtual currencies is not enough to cover the costs of running a crypto mining facility. It is necessary to pay hardware that is very expensive and also electricity bills for the electricity consumed by the miners.
If there is another bull run in the cryptocurrency market, this would clearly help miners to start being profitable again. This would also help the hash rate to increase and the network to be even more secure than before.
Bitcoin’s hash rate has also experienced an important increase in the last year. The hash rate has grown almost 400% compared to a year ago. However, in the last months, Bitcoin’s hash rate fell around 15%. The bear market has affected both, Bitcoin and Litecoin mining activities.
At the moment of writing, Bitcoin (BTC) is being traded around $6,344 dollars, while Litecoin is being traded under $49 dollars.