Litecoin (LTC) Sees Mining Rise to Near-Peak Levels as Halving Approaches
The Litecoin hashrate has been picking up in the past months, as the lowered reward scheduled in August is approaching fast.
Litecoin (LTC) is picking up the pace in more ways than just padding its market price. The hashrate for the minable coin is near its all-time peak, looking ready to repeat the records from the summer of 2018. The Litecoin network’s hashrate reached a recent peak above 321 TH/s, nearly doubling in the past three months.
Litecoin is mined using a Scrypt algorithm, and the current L3 miner is the widely used machine to achieve this level of mining competition.
The Litecoin block reward is still 25 LTC per block, produced every 2.5 minutes. Currently, more than 61 million LTC have been mined, and the asset is one of the most liquid coins in circulation. LTC has already gone through one halving. Currently, in a move of “miners following the money”, LTC is selected as one of the more lucrative assets. However, the increased hashrate also means greater competition for block discovery.
Because of the high level of mining, the Litecoin network is now relatively difficult to attack, costing $37,368 an hour to achieve a one-hour attack. With this, Litecoin lines up at the top with the most expensive coins to attack.
The upcoming halving is also boosting the LTC market price. The asset traded at $60.73 as of 10:30 UTC on Monday, on trading volumes of $1.6 billion’s equivalent in 24 hours. Over the weekend, LTC activity picked up to above $2 billion in 24 hours, lining up among the most actively traded assets with significant inflows from other coins, including Bitcoin (BTC). More than 39% of all LTC trades are in the Tether (USDT) pairing, but a very active market against Bitcoin (BTC) is boosting the LTC price in Satoshi.
LTC has regained the price of 0.014 BTC, though still halfway to its peak around 0.03 BTC.
The Litecoin project was deemed “dead” at one point near the end of 2018, but as the months progressed, the asset was actually one of the best-performing coins shedding the pressure of the bear market, and pushing off lows around $22.