Litecoin Network’s Hash Rate Blows Past New All-Time High at Nearly 360 TH/s
Litecoin’s hash rate has reached a new all-time high after falling abruptly at the end of 2018. Litecoin (LTC) is one of the largest digital assets in the market and it is one of the oldest in the space. Litecoin’s network has never been as secured as now.
Litecoin’s Hash Rate Increases
2018 was a very hard year for virtual currencies and digital assets in the space, including Bitcoin (BTC) and Litecoin. Back in May 2018, after a bull run that the virtual currency experienced in 2017, Litecoin’s hash rate reached 342.88 TH/s. After it, the hash rate dropped down to 146 TH/s at the end of 2018. That represents a decline of almost 60% in less than a year.
In a shorter period of time, between August and December 2018, Bitcoin’s hash rate has also dropped 50%. Thus, Litecoin’s drop in hash rate took place in a very difficult moment for the digital currency market.
According to BitInfoCharts, Litecoin’s hash rate has reached a new all-time high close to 360 TH/s. Since the hash rate bottomed back in December, the power that the network had did not stop growing.
It is worth mentioning that the network’s hash rate has usually followed price movements. That means that when there is a bull run, miners enter the space trying to profit from the increased price in the digital asset.
If there is a falling market, miners tend to be less profitable and in some cases, they have to stop operating. The interesting point is that the hash rate could keep growing with the launching of new miners and a price increase in the future.
Litecoin is expected to be experiencing a halving in the near future. Since August, miners will be receiving 12.5 instead of 25 LTC per block. This reduction in the new issuance of coins could help the digital currency increase in price if the demand for the virtual currency grows or remains stable.
Litecoin’s hash rate could eventually reach 500 TH/s according to Litecoin.com if the digital asset is traded around $100 and if the mining equipment available in the market remains with the same capabilities.
Litecoin’s price has moved from $23 in December 2018, and it reached $97 a few days ago. That represents a price increase of 321%.
It is worth mentioning that Bitcoin’s hash rate has also been growing over the past months. Nonetheless, it did not reach a new all-time high as Litecoin. This is due to the fact that Bitcoin did not grow over 300% since it bottomed in December 2018.