In recent news, the Litecoin network has reached an all-time high (ATH) in terms of its hashrate, surpassing over 700 TH/s. This is great news for the Litecoin community as it indicates the network’s increased security and stability as it continues to expand.
For those unfamiliar with the term, the hashrate of a cryptocurrency network refers to the amount of computing power being used to validate transactions and mine new coins. The higher the hashrate, the more difficult it is for any individual or group to attack the network and disrupt its operations.
As of block height 2,457,435, the global Litecoin network hashrate is 757.87 TH/s, with a mining difficulty of 25.41 M. It’s worth noting that the hashrate itself doesn’t determine how quickly or slowly each block is solved – this is determined by the block time, which is regulated by the mining difficulty value.
This value is adjusted regularly during each block difficulty retarget to ensure that blocks are being solved at a consistent rate. For more information about how this works, interested readers can visit the Litecoin mining page.
The news of Litecoin’s increased hashrate is an indication of the growing strength and stability of the network. It’s worth noting that this isn’t the first time that Litecoin has achieved an all-time high in terms of hashrate – on April 11th, 2023, at block height 2,454,983, the hashrate reached an impressive 757.87 TH/s.
One factor that may have contributed to the increase in Litecoin’s hashrate is the upcoming halving event. In August 2023, Litecoin will undergo its third halving event, which will reduce the amount of newly minted Litecoin by 50%. This feature is engrained in Litecoin’s code and ensures a consistent and transparent monetary policy.
The halving event is expected to make it harder to obtain Litecoin and could potentially increase its value. This presents a potential opportunity for investors to capitalize on the discrepancy between prices and Litecoin’s hashrate.
According to a recent report by AZCoin News, Litecoin (LTC) has made impressive strides in terms of liquidity, climbing four places to secure the fourth spot across 19 exchanges since the previous quarter. This is an especially noteworthy achievement for LTC, given its market cap ranking of 11 (excluding stablecoins). The report highlights that the asset’s substantial trade volumes and extensive order books have allowed traders to purchase or sell LTC with minimal effect on its market value.
Based on data from CoinGecko, LTC is currently priced at $96.3, marking a more than 20% increase over the past 30 days. Additionally, the cryptocurrency’s market capitalization has exceeded $7 billion.
Read more:
- Litecoin Price Prediction Before Halving In August 2023
- Litecoin Core V0.21.2.2 Released With Critical Security Update
- Investors Are Bullish On Litecoin As Halving Nears, With LTC Up 10%
- Litecoin Hashrate Sets All-Time High Following CFTC Recognition As Digital Commodity