Litecoin Hashrate And Difficulty Reach All-Time Highs Amid Volatility In The Crypto Market


Litecoin Hashrate And Difficulty Reach All-Time Highs Amid Volatility In The Crypto Market

  • Litecoin hash rate and difficulty continue growing
  • The digital currency will experience a halving even in August

Litecoin, the fifth largest cryptocurrency in terms of market capitalization, is hitting an all-time high in terms of hash rate and difficulty. This increase comes just a few months before Litecoin’s halving. Moreover, the price of the digital asset skyrocketed since it bottomed in December 2018.

Litecoin’s Hash Rate Reaches New Highs

It seems that Litecoin has currently more miners than when the network reached its highest point in December 2017. At that time, Litecoin was traded above $450 per coin and mining activities were very profitable. Nonetheless, things changed since Litecoin’s price dropped but the hash rate continued to increase. Finally, it dropped in 2018 after the digital currency was traded close to $23 per coin.

As the hash rate in the network increases, so does the difficulty. That means that the Litecoin network becomes more and more secure. At the moment, Litecoin has a difficulty of 9,814,639 and it has been increasing since December 2018. This has been following the increase in the hash rate that the network had. Indeed, the hash rate is currently 281,024 GH/s.

At the same time, there are some reports that show that there might be a new Litecoin miner available called Antminer L5. In the LitecoinTalk forum, users are discussing it and how it can affect the network. Indeed, the miner is available for rent on BitDeer, a computing power-sharing platform.

This miner is expected to be a game-changer for Litecoin. BitDeer is a partner with the crypto mining leader Bitmain. Although there is no information about the L5 availability on Bitmain, the Director of the Litecoin Foundation, Franklyn Richards, mentioned that the L5 is a real thing and it is currently being deployed by Bitmain.

According to the LitecoinTalk user “nehgekim” the new mining contracts purchased had a very good performance.

On the matter, he said:

“The mining contracts I have purchased from Bitdeer that use the L5 have performed better than expected thanks to the lift in the LTC price. Sub 5c electric is available but the even there the price of LTC totally needs to trend up for all this to keep being worth anything.”

Richards says that the information provided shows that there is a drastic improvement over the L3++ miner because it more than doubles the hash rate output from 580 MH/s. Indeed, he suggested that the L4 name is skipped. Moreover, he compared this miner with the A6+ presented by Innosilicon saying that the L5 could be more efficient.

In August, Litecoin is going to be experiencing a halving. That means that miners are going to be receiving a smaller reward for their work. Miners will receive 12.5 LTC per block compared to the 25 LTC per block that they receive now.

Currently, Litecoin has a market capitalization of $6.35 billion and a price per coin of $102.25, according to CoinMarketCap.

Litecoin (LTC) Live Price

1 LTC/USD =$198.1941 change ~ 4.37%

Coin Market Cap

$13.2 Billion

24 Hour Volume

$1.26 Billion

24 Hour VWAP

$189

24 Hour Change

$8.67

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