On Wednesday, August 2, the Litecoin (LTC) network halved the reward for a block mined by miners from 12.5 LTC to 6.25 LTC.
See more
Today is an important day for Litecoin! As it goes through its third halving, we’d like to remind everyone of the need for sound money. Today is a good day to reflect on the benefits a fair and diverse finance system can give to individuals and the economy. pic.twitter.com/f8jm5HqSUq
— Litecoin Foundation ⚡️ (@LTCFoundation) August 2, 2023
The halving occurred at block 2,520,000. The next halving will take place in four years, tentatively on July 30, 2027, as a result of which the block reward will decrease to 3,125 LTC, making digital silver even more scarce.
According to litecoinblockhalf, at the time of writing, 87.5% of the total Litecoin supply has been mined. The coin’s current inflation rate is 1.8%, and in four years it should drop to around 0.84%.
Litecoin quotes after halving failed the $90 level. At the time of writing, the capitalization of the cryptocurrency is $6.5 billion, according to CoinGecko.
Binance LTC/USDT hourly chart. Data: TradingView.
The first halving in the Litecoin network took place on August 25, 2015 at block 840,000. Then the reward was reduced from 50 LTC to 25 LTC.
The second halving occurred on August 5, 2019 at block 1,680,000. At that time, miners started receiving 12.5 LTC per block.
Recall that from June 10 to 17, the number of new addresses in the Litecoin network increased by 54.6%, exceeding the bar of 300,000. On the eve of the halving, the number of active wallets also increased by 28%, to 400,000.
At the end of June, the price of Litecoin soared by 17% per day against the backdrop of a maximum hash rate. In early July, cryptocurrency quotes rose above $110 for the first time since April 2022.
Subscribe to ForkLog on social networks
Found a mistake in the text? Select it and press CTRL+ENTER
ForkLog Newsletters: Keep your finger on the pulse of the bitcoin industry!
2023-08-02 15:20:03
#Halving #place #Litecoin #network #Block #reward #reduced #LTC #ForkLog
