The computing power of the Litecoin blockchain has hit an all-time high (ATH). On Wednesday, January 25, 2023, the network achieved a hash rate peak of 2,411,048, reaching 798.43 Terahash per second (TH/s). Additionally, the Litecoin difficulty also hit an all-time high of 23,505,031 this week.
Litecoin Computing Power Grows by 38% in 30 Days
Hash rate is a major source of revenue for miners. The Litecoin (LTC) network has seen an increase of 38% in the past 30 days due to the blockchain’s computing power, from a maximum of 576 Terahash per second (TH/s) on December 28, 2022, to a peak of 798 TH/s on January 25, 2023. As of January 28, 2023, the Litecoin Hashrate is at 691 TH/s, which is 20% higher than last month’s hash rate. The value of Litecoin has also increased, as it has risen by 34% against the US dollar in the last 30 days.
The 798 TH/s peak is approximately 202 TH/s per single petahash (PH/s), or 0.798 PH/s. Viabtc is the largest Litecoin mining pool, with 192 TH/s or 27% of the total Litecoin hash rate. Other major pools that are mining Litecoin include F2pool (121 TH/s), Antpool (104 TH/s), Litecoinpool.org (77TH/s), Binance (69 TH/s), respectively. The five Litecoin pools are also participating in merged mining of dogecoin (DOGE) using an auxiliary proof-of-work (AuxPoW).
Litecoin will be the first proof-of-work (PoW) cryptocurrency to halve its mining rewards, as its network predates similar protocols like Bitcoin Cash (BCH), Bitcoin SV (BSV) and Bitcoin (BTC). The LTC network’s reward is expected to drop from 12.5 LTC down to 6.25 LTC around August 3, 2023. On January 26, the Litecoin issue rose to 23.50 million, and it was 3.28% higher in the last three days. Like Bitcoin, Litecoin has an issue adjustment every 2016
In the past several weeks, the Litecoin network has seen a massive surge in activity, with the hash rate and difficulty both hitting all-time highs. The cryptocurrency has also seen a huge increase in market capitalization, with its market share rising from 3rd place to 2nd.
Google Trends shows that interest in LTC has been steadily increasing since 2013, with a peak in late 2020 and an even greater spike in 2021. Nigeria, the Netherlands, the Czech Republic, the United States, and Slovenia are the countries with the highest interest in Litecoin.
The mining reward halving for Litecoin is expected to occur in August 2023. This event will reduce the block reward for miners, potentially leading to a decrease in the network’s computing power. However, the Litecoin community remains optimistic that the long-term prospects of the cryptocurrency remain strong.
Overall, the Litecoin network is experiencing a rapid growth in market capitalization, hash rate, and difficulty, as well as a surge in interest from investors. It will be interesting to see how these trends develop over the next few years.
