On August 5, Litecoin survived the halving, halving the reward for miners – from 25 coins per block to 12.5 LTC. Before this event, which occurs every 840,000 blocks or approximately every four years, on July 14, the Litecoin hash network reached a record level of 523.8 Th / s.
Just before that, the founder of the fifth largest cryptocurrency market capitalization, Charlie Lee, was reflecting on the consequences of halving, noting that “this is always a kind of shock to the system.”
“When the reward for block mining is halved, some miners will turn off their cars due to loss of profit,” Lee explained.
If there are a lot of them, then for some time the creation of blocks will slow down, after that the complexity will be adjusted, and the situation will stabilize. ”
Directly on the day of halving, the Litecoin network did not record any special changes:
According to Lee, the first change in Litecoin complexity after halving occurred on block 1681344, which led to a 4.4% decrease in complexity / hashrate.
According to Bitinfocharts, on July 15, the average mining difficulty from a peak of 16.5 million fell to 15.2 million. Meanwhile, the hash rate decreased by 31.3%, at the time of halving – by 21.6%.
On August 5, the Litecoin hash was at the level of 458.3 Th / s; on August 9, it fell to 359.8 Th / s.
On the day of the reward reduction, the LTC / USD pair crossed the $ 100 mark and reached the level of $ 107; since then, the LTC rate has fallen to about $ 80.70, showing a negative trend of 24.5%.