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.”