The computing power of the Litecoin blockchain network reached an all-time high (ATH) on Wednesday, January 25, 2023, with a block height of 2,411,048, reaching 798.43 terahash per second (TH/s). Additionally, Litecoin difficulty also reached an all-time high this week, hitting 23,505,031 the next day.
Litecoin computing power surges 38% in 30 days
A significant amount of hashrate has been dedicated to Litecoin (LTC) over the past 30 days as blockchain computational power increased 38% from 576 terahash per second (TH/s) on December 28, 2022 to all-time high of 798 TH/s registered on Jan 25, 2023. Currently, Litecoin hashrate on Jan 28, 2023 is around 691 TH/s, which is 20% higher than last month’s hashrate. The Litecoin price has also been climbing higher as LTCThe value of ‘s increased 34% against the US dollar in the last 30 days.
The all-time highest hash rate of 798 terahash per second (TH/s) is roughly 202 TH/s of a single petahash per second (PH/s), which is equivalent to 0.798 PH/s. Viabtc is the leading Litecoin mining pool with 192 TE/s, or 27% of the total Litecoin hashrate. Crypto mining pool Viabtc is followed by F2pool (121 TH/s), Antpool (104 TH/s), Litecoinpool.org (77 TH/s) and Binance (69 TH/s), respectively. The five Litecoin mining pools also participate in combined mining of dogecoin (DOGE) through a process called auxiliary proof-of-work (AuxPoW).
Litecoin will be the first of a few proof-of-work (PoW) cryptocurrencies to halve your mining rewardsince its network precedes protocols such as Bitcoin Cash (BCH), Bitcoinsv (BSV), and Bitcoin (BTC). He LTC The network is expected to reduce its reward from 12.5 LTC at 6.25 LTC around August 3, 2023. Litecoin difficulty increased to 23.50 million on January 26, and was 3.28% higher in the last three days. Like Bitcoin, Litecoin’s difficulty adjustment occurs every 2016 blocks, but LTC blocks are discovered at a rate of approximately 2.5 minutes per block.
This means that Litecoin’s difficulty adjustment is reset every three days to keep the block time at a constant rate. In the last month the difficulty increased by 14.80%, and increased by 32.41% in the last 90 days. LTC has lost much of its market dominance since its inception, as it was once the second largest cryptocurrency by market capitalization at the end of January 2014. The following year, around the same time, it dropped to third largest cryptocurrency by market capitalization. In the following years, LTC it has gradually fallen to its current position 17.
Interest in LTC has also decreased since 2013, as data Google Trends (GT) indicates that, with a score of 1 to 100, the search term “Litecoin” achieved a score of 6 in 2013. In December 2017, the term reached the highest score of 100, but today the score is half what it was in 2013, at 3. GT data further shows that the search term “Litecoin” saw a spike in late 2020 and a much larger increase throughout 2021. The increased interest in Litecoin comes from Nigeria, the Netherlands, the Czech Republic, the United States, and Slovenia.
What do you think the future holds for the Litecoin network as it nears its next mining reward halving in August 2023? Share your thoughts and predictions in the comments below.
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