Litecoin (LTC) Hashrate Keeps Breaking Records; Becomes 3rd Most Expensive Network to Attack
Ahead of the halving of the block reward in August, miners are flocking to the Scrypt-mining for an asset that is also appreciating in price.
In another sign of confidence for Litecoin (LTC), its mining activity keeps increasing to record levels. Scrypt-based mining is picking up ahead of the reward halving in August, as a way to scoop up as much LTC as possible. Till now, more than 75% of the entire supply of LTC has been mined, and after August, the block reward will fall to 12.5 coins.
Litecoin mining activity doubled in the past quarter, reaching above 347 TH/s on Monday, with a peak above 369 TH/s in the past few days.
Increase in mining activity is also a sign of “miners following the money”, as the network is not only profitable, but the price of LTC is on the rise. This means that in the past quarter, the block rewards received have also grown significantly in value, covering the costs of electricity and machines.
LTC traded at $82.71 as of 9:50 UTC on Monday, on trading volumes of $2.5 billion’s equivalent. LTC is one of the most liquid digital assets, seeing increasing activity on OKEx. The asset has a 37% component of Tether (USDT) trading. Additionally, the OKEx market operator has added new fiat markets for Europe, adding Euro, Turkish lira and Russian Ruble.
LTC market prices are also recovering against Bitcoin (BTC), going up to 0.016 BTC. The asset is seen as one of the more promising digital currencies, with more than $330 million flowing in from USDT each day, and $325 million from BTC markets, data from Coinlib show.
LTC was seen as a “dead asset” only a few months ago, but it was, in fact, one of the coins making the best recovery in the past quarter, rising from lows around $24 in December 2018.
As a result of the increased hashrate, now attacking the Litecoin network for one hour costs upward of $54,000 - significantly higher compared to recent lows. To compare, attacking the Bitcoin Cash (BCH) network costs around $20,000 per hour. LTC is now the third most expensive network to attack, following Bitcoin and Ethereum (ETH).