Litecoin: The Hot New Mining Sensation

In three months, the hashrate of LTC grew more than twofold, as new machines came online.

Litecoin (LTC) is becoming one of the safer digital assets, as its hashrate tripled in the past three months. LTC is a Scrypt-based digital asset, benefitting from ASIC machines coming on board. Due to the higher hashrate, the price of a 51% attack based on hired mining power is around $68,000. This is just a bit lower from the price to attack Bitcoin Cash (BCH), which is set at $72,000 per one hour of hiring the required mining power.

The Litecoin hashrate is still above that of Ethereum, at least in the short term. It is unknown where the ETH hashrate would go as the new ASIC miners are becoming widely available.

The information is extremely relevant, given the expectations that hackers may try to double-spend valuable crypto assets through attacking the network directly. The coin’s founder, Charlie Lee, hurried to defend the coin’s network as robust and having diversified mining pools, thus less in danger of attacks:

One of the reasons for miners flocking to Litecoin is the still relatively high reward of 25 coins per block, which would halve in a little over a year. The other reason is the relatively stable market price, and the opportunity to realize profits by selling LTC for fiat.

LTC survived quite well the last few shakedowns on the markets, steadying around the $120 levels. LTC added another 4% overnight for a more modest recovery, to $121.82. The prices of LTC have been almost flat against Bitcoin.

Litecoin has received an overall grade of C+ according to Weiss Ratings. The grade is formed from a B- rating for technology and adoption, and a C+ rating for the coin’s risk and reward profile. Previously, LTC was deemed a “dying coin”, but since then, a mix of increasing mining, as well as technological development and community efforts, have made the coin much more promising.

The Litecoin network’s hashrate has increased from 143.4 TH/s, to as high as 342 TH/s, according to Bitinfo data. In other comparisons from the Flappening site, the LTC network is still ahead of the Bitcoin Cash ecosystem, with more active addresses and a higher level of transactions. The increased mining is yet another event in support of the expectation that 2018 would be “the year of Litecoin”, with significantly higher prices potentially reached in the coming months.