On August 5th Litecoin (LTC) halving took place, which resulted in the halving of the prize for each block mined by the miners. Immediately after the event, Litecoin’s hashrate quickly collapsed by 40% in just a few weeks, drastically lowering Litecoin’s mining difficulty.
A little over a month after halving, however, it seems that the downward trend of difficulty and hashrate is close to reversal, starting a slow rise again.
This could be partly due to the increase in the price of the currency, which from the previous $63 dollars reached at the end of August has again exceeded 70 dollars in recent days, restoring confidence to the minerals of the cryptocurrency.
Litecoin: mining difficulty returns to grow after halving
Today Litecoin’s mining difficulty was corrected, which occurs approximately every 3/4 days on the coin forged from the original Bitcoin since the LTC blocks are four times faster than the Bitcoin blocks (2.5 vs 10 minutes).
As can be seen from the graphs, with the last correction the difficulty of mining LTC increased by 2%, after having undergone a further growth of 2.5% last week.
The current value, therefore, is around 11 million, higher than the relative minimum reached between 20th and 25th August following the halving, which saw the difficulty to reach the value of 10.6 million.
These values are much lower than those before halving, as at the beginning of August Litecoin’s difficulty was around 16 million. In less than a month, therefore, the difficulty of the currency has dropped almost 40%, as well as the hashrate of the net.
From the initial 460 TH/s recorded last August 5th just before the event, the hashrate quickly fell to below 300 TH/s for several days, then recovered and returned to the current 321 TH/s. As can be seen from the graphs reported by the various statistical analysis tools, in the last few days the hashrate has undergone a slight recovery, apparently similar to a real rebound at the threshold of 300 TH/s.
This trend is somewhat similar to the graph drawn by the price of the cryptocurrency, which after the low reached around the end of August and the beginning of September, has undergone a slight recovery, returning to figures close to $70 dollars.
In fact, in recent days, the price of Litecoin is fluctuating quite steadily between $68 and $71 dollars, which is why some miners may have decided to reactivate the ASICs for the mining of the cryptocurrency since the most critical phase seems to have passed.
After having found the right balance between the difficulty of mining, price and the hashrate post halving, Litecoin’s network could therefore slowly return to normal, with a gradual growth of the hashrate for the return of the miners.
Much will depend, however, on the price, a crucial factor in determining the profitability of mining operations, given the premium per block halved compared to a month and a half ago.