In the last days of September, due to the fall in the price of the currency, Litecoin recorded a major collapse of the hashrate and therefore of the mining difficulty, which in recent days has fallen below the quota of 10 million.
This value had not been touched since last March 25th, when the hashrate of the currency and the difficulty began to rise, triggering a sudden rise in the price as a result of the FOMO caused by the halving.
The drop in the last few days is certainly a reflection of the recent low of the LTC hashrate, which temporarily fell to 250 TH/s. This is another threshold that was not reached since the first days of March 2019.
Only a month ago, more precisely around September 10th, the indicators online reported a recovery of the hashrate with a consequent rise in Litecoin’s mining difficulty. This, together with the rise in the price of the currency, which around September 13th had exceeded the quota of 70 dollars, had restored confidence to the miners, who have seen their revenues halved in the last two months because of the halving.
Litecoin and Dogecoin hashrates collapse
Due to the halving of the block reward on August 5th and the reduction of the price, which went from 106 dollars on the day of the halving to the current 57 dollars, many miners have decided to use their ASICs with other coins.
Litecoin boasts a Proof of Work based on the Scrypt mining algorithm, present on a few other really profitable minable coins. One of them – the best known perhaps – is certainly Dogecoin, which in recent days has seen its hashrate surpass, albeit momentarily, the hashrate of Litecoin.
So, are the miners slowly moving from Litecoin to Dogecoin? It is difficult to say, considering that when looking at the graphs of the hashrates of the two coins, it is possible to notice a certain correlation, which in the last two weeks has often seen the two values cross.
The Litecoin network currently boasts a hashrate of about 280 TH/s while Dogecoin follows closely with 270 TH/s. Despite this, Dogecoin’s current mining profitability is only slightly lower than that of Litecoin, making it inconvenient to mine.
Another coin that has recently seen its hashrate increase is certainly Verge (XVG), which is also based on Litecoin’s PoW. However, in this case, the hashrate has undergone a very modest increase, since the Verge network boasts a hashing power close to 650 GH/s, an order of magnitude lower than Litecoin and Dogecoin.