Litecoin (LTC) Mining Hashrate Records Spike Above 200 Terahash During Two Month Trend Up
In spite of the harsh conditions currently prevailing in the crypto industry, the Litecoin System has recently logged a new milestone. The network has been able to surpass the 200TH/S hash rate even as it continues to record increased growth for the second month in a row.
This means that although the market values are still low from when it was at its peak, its network security has only decreased by a mere 30%.
April 2018 was the last time that a hashrate this high was noted. This was at a time when Litecoin was trading at one hundred and twenty dollars. Later on, it peaked to record a new high of 320TH/s while still trading at a similar value. The increased prices in 2017 became too big which led to its hashrate being reduced.
This was mainly influenced by the fact that many miners had started to order extra mining equipment. This time around, the network has had ample time for it to catch up which has in return helped to provide an interesting insight into the cryptocurrency mining industry, e.g., its support and profitability.
It seems as though the hashrate formed its bottom in December last year when it was at 140TH/s. The good news, however, is that it has been steadily rising ever since that time. What this means is that hashrates and prices are not linear. This is mainly due to the fact that the market value has almost doubled up.
The price increases started after the network hit a record low of $23. During this time, the hashrate briefly tried to formulate an assistance level that was around 250TH/s. This was when Litecoin was trading at $55. What this indicates is that the present hashrate is most probably related to its prevailing prices.
This is mainly informed by the fact that the ASIC apparatuses are already out there and are freely obtainable by miners looking to add on to their existing ones. According to additional information released by industry experts, it seems as though profitability has started to reduce. It currently sits at $3 which helps reaffirm the closeness that exists between price and hashrate at this particular moment.
However, the details on how these figures are calculated are not publicly available. This is a fact that makes it harder for one to verify whether the figures that have been provided are in fact accurate or not.
Last but not least, it has been clear to many people in the industry that the profitability of Scrpyt ASIC hardware has been steadily rising in the past few years. Compared to 2017, the company is more profitable than ever before. Insiders indicate that its market prices are now ten times higher while its network security is about a hundred times higher.
Based on these figures, one can assume that if the hardware had been made available when the market was at its peak, Litecoin Network would have easily broken 1EH/s. This would have been the first period in antiquity that this was taking place.