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Litecoin Mining Difficulty Is Hitting New Highs

November 5, 2022 - Around 1 mins mins to read
The mining difficulty for Litecoin has reached a new high, hitting a little under 18 million hashes.
Litecoin Mining Difficulty Is Hitting New Highs
Litecoin Mining Difficulty Is Hitting New Highs 3

The difficulty of mining Litecoin is rising, which suggests that miners are competing more fiercely for rewards.

Miners got 50 LTC for successfully mining a block when Litecoin first debuted in 2011. For every 840,000 blocks, the incentive is reduced by half. In 2023, the third halving will occur, bringing the current 12.5 LTC subsidy down to 6.25 LTC.

The average number of hashes needed to solve a block is known as the mining difficulty. To discover a hash lower than the goal specified by the network’s mining algorithm, LTC miners compete by producing random hashes.

The winner of this computationally demanding lottery receives a payout and the ability to add a new block to the Litecoin network.

At the time of writing, LTC is trading at $68.68.

Litecoin Mining Difficulty Is Hitting New Highs
LTC daily chart. Source: Coincu

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Website: coincu.com

Harold

CoinCu News

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Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.
Uncategorized

Litecoin Mining Difficulty Is Hitting New Highs

The mining difficulty for Litecoin has reached a new high, hitting a little under 18 million hashes.
Litecoin Mining Difficulty Is Hitting New Highs
Litecoin Mining Difficulty Is Hitting New Highs 6

The difficulty of mining Litecoin is rising, which suggests that miners are competing more fiercely for rewards.

Miners got 50 LTC for successfully mining a block when Litecoin first debuted in 2011. For every 840,000 blocks, the incentive is reduced by half. In 2023, the third halving will occur, bringing the current 12.5 LTC subsidy down to 6.25 LTC.

The average number of hashes needed to solve a block is known as the mining difficulty. To discover a hash lower than the goal specified by the network’s mining algorithm, LTC miners compete by producing random hashes.

The winner of this computationally demanding lottery receives a payout and the ability to add a new block to the Litecoin network.

At the time of writing, LTC is trading at $68.68.

Litecoin Mining Difficulty Is Hitting New Highs
LTC daily chart. Source: Coincu

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Website: coincu.com

Harold

CoinCu News