Litecoin hashrate hits new high as halving approaches

At the beginning of August 2023, the next halving will take place in the Litecoin network – this is a reduction in the reward for miners for mining a block. The previous halving took place on August 5, 2019, when the miner reward decreased from 25 LTC to 12.5 LTC per block.

This procedure takes place every four years after 840,000 blocks have been mined. As a result of the 2023 halving, miner rewards will be halved to 6.25 LTC.

In anticipation of such an important event, network capacity is rapidly increasing. On January 24, the hash rate set a new record, surpassing 661,856 terahash per second (Th/s).

According to the CoinWarz platform, the Litecoin hashrate has been growing since the end of June last year, periodically updating local highs.

A similar situation was observed during 2019. But after the halving, the activity of the miners began to fall.

Along with the network capacity, the LTC rate is also growing. Altcoin at the end of last year was trading at $63.22. In January, the cryptocurrency approached $90, and it could break above $100 in the coming months.