Forex and Crypto News

Litecoin hash rate has descended by 60% for 3 months

09:32 28 October /2019

In the Litecoin network, the activity of miners has been falling over the past three months. During this time, the amount of computing power used in the extraction of LTC collapsed by about 60%.

In the history of altcoin, a significant event was the so-called August halving, when the reward of miners was halved. The activity of mining pools has been steadily weakening since the summer of 2019, as evidenced by the data of the Bitinfocharts service.

 litecoin hashrate.jpg

In mid-September, the LTC hash rate was about 295 terahash per second (TH/s), and by the end of October, this figure dropped to 212.6 TH/s.

Observers emphasize that the lower the hash rate of a network, the worse its security. The reduction in computing capacity signals not only the miners coming out of cryptocurrency mining but also the emergence of threats to digital asset holders.

In the cryptosphere, before the halving, the point of view was popular that a reduction in the miners' reward would activate Litecoin buyers since there would be a shortage in the market due to reduced supplies.

However, halving provoked the reverse dynamics, and the coin began to rapidly become cheaper, which caused the miners to withdraw from the production.

But if we analyze the dynamics of the development of the Litecoin network over the past three years, then we can see that the LTC hash rate has increased by 10,000% since 2016 from 2.1 TH/s to 218 TH/s to October 24.

ltshashrate2.jpg

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