Post-Halving Litecoin to Readjust its Mining Difficulty Today
The 5th cryptocurrency network by market capitalization, Litecoin (LTC) had its second halving two days ago but the other network metrics haven't experienced dramatic changes as of yet. The hashrate, or the computing power of the network, corrected lower but is still a few times bigger than in the beginning of this year.
The hashrate started dropping on August 3th, when it was at 480 Thash/s, to 453 Thash/s the day before the halving, rising a bit to 458 Thash/s on the day of the event, then dropping to 444 Thash/s the day after. Now it's down by 5% in the past 24 hours. However, Litecoin mining difficulty is set to readjust later today and is estimated that it will decrease by 1%, according to blockchair.com.
It was estimated that this halving will force Litecoin miners to shut their machines down, switch to other coins or invest in more powerful mining equipment.
Litecoin hashrate chart in 2019:
Meanwhile, the average block mining time has somewhat increased but it's still lower than it was on some days in August and July.
As a reminder, the Litecoin halving happened on August 5th, when the digital currency’s rate of new supply was cut in half, from LTC 25 to LTC 12.5 per mined Litecoin blockchain block. The first halving happened on August 25th 2015, and the next is estimated for August 2023.
As Cryptonews.com reported, the network metrics have significantly increased in four years since the first halving. Now, after the event, many of those numbers are at the levels similar to the pre-having values. However, the transactions, transfers count on August 6 was the highest it’s been since mid-July, rising by 18.7% from the day before till the day after the halving. Active addresses also jumped 21.5% between the 3rd and 5th August, and then dropped 3% the next day. When it comes to the mean value of transactions, transfers, it saw a rise of 35.45% from the day before until the day after the event.
Meanwhile, the price rose by 13% from 4th to 5th August, surpassing the USD 100 barrier at one point, but since then, it fell by 10% and is today pretty much where it was before the halving.
Similarly, total market capitalization rose from USD 5.86 billion to USD 6.04 billion on the day of the event, then went back to USD 5.85 billion afterwards.
At pixel time (12:20 PM UTC), litecoin trades at c. USD 93. It’s down by 2% in the past 24 hours, 2% in the past week, and 23% in the last month. However, the price jumped by 25% in the past 12 months.