Litecoin Halving Event Just Passed: What Now?

Litecoin halving event just passed and now the fourth-largest cryptocurrency by market cap has reduced the block reward for the miners in half as we are reading in the coming altcoin news below.

The litecoin blockchain reached a trigger block level of 1,680,000 at 10:16 UTC on Monday according to the data form the mining pool operator BTC.com. The Litecoin halving event marks a huge threshold for miners as the litecoin network is designed to reduce its mining rewards by half. For this event, the mining reward for every block has been reduced for every block that has been previously reduced to 25 LTC to 12.5 LTC. Given the block production time on the network takes up to 2.5 minutes roughly 576 blocks are produced almost every 24 hours with a supply added of 7,200 LTC entering into the market. As of press time, there are about 63 million out of the total issuance of 84 million that are in circulation which leaves up to 21 million LTC block mining rewards worth up to billion at today’s prices that are available for miners to compete in the near future.
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Since the start of the year, the LTC price has seen a huge uptick from around $30 in January to about $120 in June but then decreased to around $100. Correlating with the price increased ahead of the litecoin halving even, the hash rate computing on the network and mining difficulty both increased up to 200 percent since the end of December 2019. The halving will have a massive effect on the interest in mining participation since some of the mining devices will now have a tough time to generate enough LTC to offset the electricity costs.

According to the miner profit index from f2pool which is one of the world’s largest mining pools by hash rate, the three most profitable LTC miners that are made by FusionSilicon X6 and InnoSilicon had a profit margin of up to 55 and 60 percent before August 5. As noted in the latest cryptocurrency news, older models such as Bitmain’s AntMiner L3 had profitability that was less than 50 percent based on the electricity cost of $0.04 per kWh and LTC’s price before the litecoin halving event.