Litecoin by the Foundation cryptocurrency According to a post on market data site Coinmarketcap.com, LTC mining difficulty has set a new record, peaking at just under 18 million hashes.
Mining difficulty measures the average number of hashes needed to “solve” a block. Litecoin miners compete with each other by generating random hashes to find a target lower than the target set by the network’s mining algorithm.
The winner of this computer-intensive lottery adds a new block to the LTC blockchain and wins a prize.
Competition Rises Among Litecoin Miners As Halving Approaches
The increase in Litecoin’s mining difficulty likely means that competition for miner rewards is heating up.
Although the LTC altcoin is sometimes called “digital silver”, there is a halving event in the near future of this cryptocurrency.
When LTC was launched in 2011, miners were receiving 50 Litecoins (LTC) when they successfully mined a block. This reward (also called “incentive”) is halved every 840,000 blocks (roughly every four years). The third halving will occur in 2023 and will reduce the current 12.5 LTC reward to 6.25 LTC.
Litecoin price is stable and was trading at $68.04 at the time of this writing. But on Wednesday, the price of LTC rose 13% in a single day, presumably as payments giant MoneyGram announced that US customers will soon be able to buy, sell, and store LTC, Bitcoin (BTC), and Ethereum (ETH) on the MoneyGram mobile app.
*Not investment advice.
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