Litecoin miners’ reward halved
Litecoin Rally For Mining Reward Halving
Today at 13:15 Moscow time, the reward for closing new blocks in the litecoin network has decreased by 50%. Some miners are expected to be disconnected due to a sharp drop in profitability.
On the block 1 680 000, a halving took place, which reduced the reward from 25 to 12.5 coins. This event occurs every 840,000 blocks, or roughly every four years. Until the next cut in August 2023, the average daily production will fluctuate around 7200 LTC.
Charlie Lee, the founder of Litecoin, tweeted that the first 12 blocks with the new reward tier were mined in just 17 minutes, much faster than the standard 2.5 min / block period..
Halving slightly stimulated the growth of the litecoin rate, but over the past 24 hours the price increased by only 5.51% and at the time of publication is $ 98.58. However, so far this event has not brought the expected positive effect. Miners will face a sharp decline in profitability amid a 50% drop in mining volumes.
Under existing market conditions, only new ASICs can bring real profit. In most countries, high electricity prices will make all models below the AntMiner L3 unprofitable.
Pool representatives expect that if the rate does not rise, then many miners, not wanting to continue working at a loss, will simply disconnect their equipment from the network..
Earlier, we also reported that miners have already mined 17.85 million bitcoins, which is 85% from their maximum possible number.
text: Ivan Malichenko, photo: Shutterstock, chart: TradingView