Litecoin’s Mining Power Has Fallen 28% Since Its Halving

Many litecoin (LTC) miners working to secure the blockchain and compete for block rewards have been unplugging their machinery following the cryptocurrency’s recent “halving” event, network data shows.

Litecoin’s mining difficulty – a coded-in measure of how hard it is to solve the mathematical puzzles used to write blocks on the network – has dropped from 15.93 million on Aug. 4, one day before the halving, to 11.40 million on Aug. 22, based on data from mining pool BTC.com. The hashing power on the network has also fallen by 28 percent.

Litecoin’s mining difficulty is designed to automatically adjust every 2,016 blocks, approximately every 4 days, to ensure the block-producing interval remains about 2.5 minutes based on the average hashing power in the current cycle.

The 28 percent difficulty drop means the current level is the lowest since April 29. BTC.com’s data estimates that difficulty will continue to decline by another four percent at the next adjustment date, which is due in three days.

The 4-day average hashing power on the litecoin network has also declined from 456 terahash per second (TH/s) recorded on Aug. 4 to 326 TH/s on Aug. 22 at 23:54 UTC, when the latest difficulty adjustment occurred – a 28 percent drop.

Litecoin’s Mining Power Has Fallen 28% Since Its Halving 1Chart via BTC.com

Data for the three-day hash rate distribution indicates that currently miners connected to the mining pool Poolin account for 23 percent of the network’s total computing power, followed by those connected to f2pool and Bitmain’s Antpool.

The decline of mining interest is perhaps not surprising as the halving event on Aug. 5 reduced litecoin’s block rewards from 25 LTC to 12.5 LTC, leaving existing mining equipment with a significantly decreased profitability.

F2pool’s data shows the most profitable miners on the litecoin network, made by InnoSilicon and FusionSilicon, now have a profitability of between 10 to 20 percent, as LTC’s price has dropped from $93 before the halving to around $74 at press time.

Assuming the electricity needed to power the miners costs $0.04 per kWh, these models are estimated to bring home a daily profit between $0.20 and $0.50. At the current price of LTC, older mining equipment like Bitmain’s AntMiner L3 and L3+ would be making negligible profit at just over $0.01 a day, f2pool’s index shows.

Litecoin is the fifth largest cryptocurrency by market cap currently.

Litecoin image via Shutterstock

Litecoin’s Mining Power Has Fallen 28% Since Its Halving 2
About the author

E-Crypto News was developed to assist all cryptocurrency investors in developing profitable cryptocurrency portfolios through the provision of timely and much-needed information. Investments in cryptocurrency require a level of detail, sensitivity, and accuracy that isn’t required in any other market and as such, we’ve developed our databases to help fill in information gaps.

Related Posts

E-Crypto News Executive Interviews



bitcoin
Bitcoin (BTC) $ 43,924.00
ethereum
Ethereum (ETH) $ 3,111.48
cardano
Cardano (ADA) $ 2.27
tether
Tether (USDT) $ 1.01
binance-coin
Binance Coin (BNB) $ 351.19
xrp
XRP (XRP) $ 0.951471
solana
Solana (SOL) $ 138.84
usd-coin
USD Coin (USDC) $ 1.00
polkadot
Polkadot (DOT) $ 29.63
dogecoin
Dogecoin (DOGE) $ 0.208938
USD
EUR
GBP
bitcoinBitcoin (BTC)
$ 43,924.00
ethereumEthereum (ETH)
$ 3,111.48
tetherTether (USDT)
$ 1.01
bitcoin-cashBitcoin Cash (BCH)
$ 510.19
litecoinLitecoin (LTC)
$ 153.52
bitcoinBitcoin (BTC)
37.477,49
ethereumEthereum (ETH)
2.654,82
tetherTether (USDT)
0,861767
bitcoin-cashBitcoin Cash (BCH)
435,31
litecoinLitecoin (LTC)
130,99
bitcoinBitcoin (BTC)
32,096.45
ethereumEthereum (ETH)
2,273.64
tetherTether (USDT)
0.738034
bitcoin-cashBitcoin Cash (BCH)
372.81
litecoinLitecoin (LTC)
112.18

Automated trading with HaasBot Crypto Trading Bots

Crypto Scams

Crypto Scams
Crypto Scams Still Persistent In 2021, SEC Warns About Red Flags To Watch
September 9, 2021
Poly Network
Here’s How Hackers Stole Over $600 million in the Poly Network Attack
August 12, 2021
The World’s Most Infamous Crypto Hacks and Scams
July 31, 2021
Cryptocurrency Exchanges
Cryptocurrency Exchanges and the Plague of Scams and Bans
June 29, 2021
What Role Do Cryptocurrencies Play In The Era Of Ransomware Attacks?
June 9, 2021

Blockchain/Cryptocurrency Questions and Answers

Beginner’s Guide to Investing in Cryptocurrency
August 9, 2021
Short-Sell Cryptocurrency
How to Short-Sell Cryptocurrency: A Brief Overview
July 17, 2021
Klaytn
What Is Klaytn (KLAY) And How Does It Work?
July 16, 2021
Cryptocurrencies
Our Crypto Roundup Interview Asks- Do Cryptocurrencies Have a Future?
July 15, 2021
Solana
What Is Solana (SOL) And How Does It Work?
June 26, 2021


CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin43,708 0.39 % 1.98 % 9.44 %
Ethereum3,091.8 0.37 % 5.11 % 9.80 %
Cardano2.260 0.08 % 2.84 % 4.87 %
Tether0.9986 0.03 % 0.08 % 0.23 %
Binance Coin349.56 0.39 % 0.42 % 15.05 %
XRP0.9530 0.54 % 1.20 % 11.42 %
Solana138.87 0.36 % 1.34 % 18.36 %
USD Coin0.9996 0.16 % 0.30 % 0.41 %
Polkadot30.87 2.19 % 17.29 % 10.73 %
Dogecoin0.2084 0.13 % 1.01 % 13.86 %

bitcoin
Bitcoin (BTC) $ 43,924.00
ethereum
Ethereum (ETH) $ 3,111.48
cardano
Cardano (ADA) $ 2.27
tether
Tether (USDT) $ 1.01
binance-coin
Binance Coin (BNB) $ 351.19
xrp
XRP (XRP) $ 0.951471
solana
Solana (SOL) $ 138.84
usd-coin
USD Coin (USDC) $ 1.00
polkadot
Polkadot (DOT) $ 29.63
dogecoin
Dogecoin (DOGE) $ 0.208938