Litecoin’s hashrate and network difficulty drops more than 60% – Litecoin News

Litecoin halving has left a lasting impact on the coin's valuation. As per the reports of BitInfoCharts, Litecoin's hashrate has slid down by more than 60% since the halving took place on August 5. The decline in hashrate is further decreasing the network difficulty. A few analysts predicts that the coin has entered a mining death spiral.

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Litecoin has failed to rise since its halving. At present, the Litecoin hashrate has plummeted by more than sixty percent.

The Litecoin, which occurred on August 5, is still influencing the coin big time. According to the data rendered by BitInfoCharts, the decreased Litecoin payout per block is further pushing down the network difficulty. As the miners earn the rewards, they are simultaneously accountable for sustaining the uprightness of cryptocurrency’s blockchain and network. The falling hashrate also leads to the flow of questions regarding the coin’s security.

A decline in network difficulty can make it breakable for critical attacks. Several analysts have come up to anticipate that Litecoin has entered the mining death spiral, and crypto miners are no longer able to produce profits from the coin.

However, the coin founder, Charlie Lee prophesied in July that the miners would undergo a revision after the Litecoin halving, saying, “When the mining rewards get cut in half, some miners will not be profitable, and they will shut off their machine. If a big percentage does that, then blocks will slow down for some time.”

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Saloni Sheelwant
Saloni Sheelwant treasures to research and write about the new startups and technologies thriving at a very fast pace.

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