Litecoin’s halving event is approaching and Oklink data predicts it will take place on August 2, 2023.
The impending halving could affect the price of LTC, but the response has yet to be determined as mining difficulty continues to increase.
Olink’s data suggests that the Litecoin [LTC] Halving will take place in the second half of 2023. As such, it is worth looking at the current mining fee alongside the expected post-halving fee.
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Litecoin halving in 100 days
Oklink’s recent cryptocurrency halving and reduction data revealed that the next LTC halving was imminent. The party is expected to take place on August 2, 2023 according to the information on the website.
The date was about 100 days away from the time of writing. Currently, 57,775 blocks remain until the halving, at which point the block reward would be reduced from 12.5 to 6.25.
Launched in 2011, Litecoin is a decentralized digital currency that shares similarities with Bitcoin but has different features. One of the fundamental differences is the use of the Scrypt mining algorithm. This method allows for easier mining using consumer grade hardware compared to Bitcoin.
What is the Litecoin halving and when it started
The Litecoin halving is a cyclical event that occurs after every 840,000 blocks mined on the blockchain, roughly every four years. During this event, the reward for miners who validate a block on the network is reduced by half, meaning they receive only half the amount of Litecoins for each block they mine.
Litecoin’s inaugural halving took place in August 2015, followed by the second halving in August 2019.
Current LTC Mining Issues
The mining difficulty in blockchain networks, such as Bitcoin and Litecoin, is regulated using a target value called the difficulty target. This 256-bit number specifies the highest possible value that a block hash must meet to be considered valid.
In addition, the difficulty is lowered to increase the complexity in obtaining a valid hash as an extra computing power is built into the network.
The mining difficulty chart has shown a consistent upward trend since the beginning of the year, with occasional minor drops. At the time of writing, the mining difficulty was at about 25.5, which represents the second highest level reached this year.
– Realistic or not, here is the market cap of LTC in terms of BTC
The price movement of LTC
At the time of writing, LTC was trading at around USD 89, up nearly 3% from the prior period. However, the coin has taken losses in recent trading periods, with a significant fall of more than 11% on April 19.
It is worth noting that the previous LTC halving did not produce a significant price reaction. So it is only a matter of time before we can see the impact on the price of LTC.
This post This is why the 2023 LTC halving could upset avid miners and investors
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