Litecoin Halving Was A Success, LTC Price Shoots Up 9.5% Surpassing $100

  • The halving has the mining reward reduced from 25 LTC to 12.5 LTC
  • 75% of LTC are mined, over 21 million LTC still up for grabs as mining rewards
  • Litecoin price responding to halving event positively but history suggests a fall incoming

The fourth-largest cryptocurrency by market capitalization of $6.4 billion has successfully reduced its block reward for miners by half.

The Litecoin blockchain reached the block height of 1,680,000 at 10:16 UTC on Monday that triggered the halving of the miner reward.

The next halving will now occur on 02 Aug 2023, 1458 days away, that will decrease the coin reward from 12.5 to 6.25 coins.

Now the supply of 7,200 LTC compared to 14,400 LTC previously will enter the market

Just like Bitcoin, Litecoin network is designed to cut down its mining rewards by half every 840,000 blocks that happen roughly every 4 years.

This halving has the mining reward reduced from 25 LTC to 12.5 LTC.

At the time of writing, 62,974,568 Litecoin out of the total issuance of 84 million LTC are effectively in circulation, as per Coinmarketcap. This means, there are still more than 21 million LTC are up for grabs for LTC block mining rewards for miners in the future.

The block production time on the Bitcoin network is about one block every 2.5 minutes, meaning about 576 blocks are produced every 24 hours. Now, with 12.5 LTC reward for every block, a new supply of 7,200 LTC will be entering the market, half of the previous daily level of about 14,400 LTC.

Litecoin price responding to halving event positively but might not last

LTC has been one of the best performing top crypto assets in 2019, up 237% YTD. As a result of the highly anticipated halving event, LTC price jumped more than 10% while LTC/USD has been trading at $101.4, $107.14 is today’s highest price level on Bitstamp till now.

The trading volume has also risen along with the price, with $199 million 24 hours volume on ten exchanges with real volume as per Messari, Litecoin stands second after Bitcoin.

However, historically, LTC outperformed the market in the months leading up to halving only to plunge following the event.

In line with the price, hash rate and mining difficulty also jumped by about 200% since the end of December 2018. However, in the last 24 hours, the hash rate dropped by 5.09% and difficulty saw a decline of 1.25%, as per Bitinfocharts.

The halving is likely to have an effect on the mining participation as now Litecoin mining device will have a tough time generating enough BTC to offset the costs.

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