Litecoin Prepares for Third Halving: Hashrate Hits All-Time High, and Mining Remains Profitable.

• The Litecoin network will experience its third reward-halving event in just two weeks.
• This event will significantly reduce the block rewards for Litecoin miners from 12.5 LTC to 6.25 LTC.
• Recent data shows an increase in hashrate dedicated to the Litecoin blockchain as the halving deadline approaches.

The Litecoin Reward Halving Is Coming Soon 

Over the past two weeks, Litecoin (LTC) has seens a significant 17% drop in value against the U.S, dollar. However, over the past month, it has made an impressive gain around 18%. Excitingly, The Litecoin network’s third halving is only 14 days away

Looking back at history, we observe that the first two halvings occurred on August 25, 2015, and August 5, 2019. In the upcoming third halving, miners’ rewards will be reduced from the current 12.5 LTC per block to a more modest 6.25 LTC. It is worth noting that Litecoin operates at a faster block generation rate, with a new block generated every 2.5 minutes, in contrast to Bitcoin’s average block interval of ten minutes.

Currently, the global Litecoin network’s hashrate stands at 807.00 TH/s, with a mining difficulty of 27.54 M at block height 2,511,130. The recent upward trend in LTC price over the past 30 days has generated significant interest and attracted a substantial amount of Scrypt hashrate to the network.

On July 4, 2023, Litecoin’s hash rate reached an all-time high of 1.03 petahash per second (PH/s) at block height 2,503,485, showcasing an unprecedented level of network activity. Currently, Litecoin’s total hashrate is maintaining a steady pace at 804 terahash per second (TH/s).

In the mining industry, Litecoin’s ASIC mining devices have emerged as some of the most profitable machinery available. For instance, a mining rig operating at 8.8 gigahash per second (GH/s) can generate an estimated daily profit of $7.83, while a machine running at 9.5 GH/s could earn a slightly higher daily profit of $9.24.

As of July 16, Viabtc stands as the leading mining pool for Litecoin, contributing an impressive 268.63 TH/s of hashrate to the LTC chain. Approximately 27 dedicated mining pools are currently directing their hashrate towards Litecoin. Following Viabtc is F2pool with 136.87 TH/s, Antpool with 117 TH/s, Litecoinpool with 90.84 TH/s, Btc.com with 42.95 TH/s, and Poolin with 30.49 TH/s.