Litecoin (LTC) , currently the fourth largest cryptocurrency by market capitalization, halved – halving the block reward for miners .
Halving occurred at 1,680,000 at 10:16 UTC on Monday, changing the block reward from 25 LTC to 12.5 LTC.
“This event marks a major milestone for miners, as the litecoin network halved the reward for mining, it happens every 840,000 blocks (about every four years).”
Considering that the production time of blocks in the litecoin network is about one block every 2.5 minutes, approximately 576 blocks are produced every 24 hours, while a new stock of 7200 LTC comes to the market, which is half the previous daily level of 14,400 LTC.
Miners will compete for another two billion dollars
At the time of publication, about 63 million of the total 84 million LTCs issued were in circulation, with the result that about 21 million rewards for mining LTC blocks – worth $ 2 billion at today's prices – are available for miners in the future.
“Since the beginning of this year, the price of LTC has risen significantly – from $ 30 in January to $ 120 in June, but has since dropped to about $ 100. Due to the increase in prices in anticipation of halving, the litecoin hash network and mining complexity have grown by 200 percent since the end of December 2019. ”
Halving is likely to affect the interest in mining, as several widely used litecoin mining devices will now not easily generate enough LTC to offset energy costs.
As we already wrote , vacancies at Mastercard make it clear that the electronic payment giant is looking for executives who can lead efforts to create a cryptocurrency wallet .
Publication date 08/06/2019
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