Litecoin is yet again in our altcoin news after reaching a new high of its hash rate since it reached 140 TH/s in December 2018. Now, the hash rate has grown slowly reaching above 200 TH/S for the first time since December last year.
The last time Litecoin’s hash rate was close to this new high was in April 2018 when Litecoin’s price increased up to $120. The value of this altcoin dropped quite a lot which caused miners to drop out of the mining activities and start opting for more profitable coins.
The hash rate of Litecoin was near to bottoming out at 140 TH/s and has since then started to increase. The recent price trend for the cryptocurrency has contributed for the miners to get back on track and turn on their equipment. Many analysts predicted that the hash rate of Litecoin could reach beyond 250 TH/S and it turns out that is a real possibility.
Turns out that Litecoin is still profitable to mine. Analysts show that mining Litecoin gives an average profit of $2.80 in the current bear market.
Also, as previously reported, the price increased due to the new partnership with Beam, a software development company which led to affecting the price of Litecoin which made it increase up to 30 percent, overtaking EOS and Bitcoin Cash. If we take a look at the performance these past days, the altcoin traded somewhere around $30 and $34 for the bigger part of January.
Litecoin made another great partnership and will now officially be the sponsor of the Hollywood-based Mammoth Film Festival.
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“By using Coinify, we are not running into the knife. It is still not clear to me how blockchain is any better than other database technologies. The transactions are so far more expensive and slower than a normal payment method. Decentralization brings only cumbersome improvements. None of the blockchains scale enough. But maybe I have not invested enough time and therefore understand too little how the blockchain ecosystem works.”Herren said that the decision comes after the prolonged bearish correction on the market where most of the crypto assets lost nearly a third of their value. Despite the fact that investors didn’t really get scared of the decline in prices, institutional adoption is still uncertain regarding making more profits. For example, back in 2018 in June, the Expedia hotel booking platform deleted Bitcoin out of their options and in the same year couple of months back, Reddit also stopped accepting cryptocurrency for its gold membership plans. Years back, Bitcoin became popular because of its attractiveness as a cheaper alternative for expensive payment processors. But as the technology got more popular, the network was unable to handle a higher number of transactions such as Visa or MasterCard and that’s why retailers didn’t choose crypto for making transactions. The Swiss retail giant brings bitcoin back into the retail game. However, traders who are into crypto or those who just hold on to it for better days can now use their coins to purchase something from the retail platform.
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