Litecoin Completes The 3rd Halving, LTC Price Drops Over 5%
- Litecoin blockchain completes its third halving, reducing miner rewards from 12.5 LTC to 6.25 LTC.
- LTC prices show volatility as stakeholders anticipate halving’s impact.
- Founder Charlie Lee emphasizes halving’s role in mass adoption and network security.
On August 2, the Litecoin blockchain reached a significant milestone as it underwent its third halving procedure since its inception in 2011.
The halving involved a reduction in the block subsidy, which is the predetermined reward given to miners for processing transactions and securing the network. Previously set at 12.5 LTC, the block subsidy has now been halved to 6.25 LTC.
The halving took place at block height 2,520,000 on Wednesday, around 15:06 UTC, as reported by litecoinspace.org. With the reward reduction, miners will now receive only half of their previous earnings. The countdown for the next halving has been reset, and it is expected to occur approximately four years from now.
The social dominance of Litecoin has experienced a surge as the halving approached, leading to increased anxiety among stakeholders. Many are finding it challenging to navigate the current volatility of LTC. From a pricing perspective, LTC has already seen a decline of around 5.6%, with the potential for further losses. The increase in selling activities is exerting additional downward pressure on the already declining price.
The value of LTC has been trending downward since early July, when it briefly surpassed $110, reaching a level not seen since April 2022. Currently, Litecoin is hovering around $88.6, often referred to as “silver to Bitcoin’s gold.”
The latest halving also marks a significant step towards a state of disinflation for Litecoin. The final halving is projected to take place in 2142, capping the total circulating supply of Litecoin at 84,000,000 LTC.
In anticipation of a potential price surge related to the halving event, mid-sized LTC whales and miners have recently acquired substantial amounts of the asset.
Litecoin founder, Charlie Lee, believes that these halvings help promote mass adoption of the cryptocurrency without compromising network security. He also addressed the discrepancies between different halving countdown timers, suggesting that the NiceHash timer was the most accurate. Nevertheless, all sources agreed on the date of August 2nd for the halving event.
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