Litecoin, the popular cryptocurrency that has been making waves in the crypto world, has just announced a new milestone on its official Twitter account.
According to the post, Litecoin’s mining hashrate has reached an all-time high of over 850 TH/s, marking a significant accomplishment for the network. This achievement was made possible, in part, thanks to the contribution of Dogecoin, which has been partnering with Litecoin in mining operations.
The new hashrate is a proof of work of 850,000,000,000,000 hashes every second performed by the $Litecoin network, showing the increasing efficiency and stability of the network.
Dogecoin and Litecoin have been working as a “power couple,” utilizing Scrypt, a less complicated hashing algorithm than Bitcoin, which makes mining faster and more efficient.
Dogecoin’s partnership with Litecoin has brought multiple benefits to both networks, including the possibility of “merged mining.”
It means both can be produced simultaneously, without affecting the mining efficiency, due to the usage of a single algorithm that both coins share.
The success of the collaboration between Dogecoin and Litecoin is largely due to their shared algorithm. Dogecoin was modeled after Luckycoin, which, in turn, was based on Litecoin.
Utilizing the same algorithm, the two networks can work together to achieve impressive hashrate milestones, as is the case with this latest achievement from Litecoin.
Dogecoin & Litecoin’s Promising Future
With Dogecoin’s help, Litecoin’s rising hashrate is good news for the network, as it helps to increase its security and stability. The two cryptocurrencies continue to work together to achieve even greater heights in the future.
Regarding price analysis, Dogecoin is currently trading at $0.08672, with a 6% rise in the past seven days. While, Litecoin is trading at $100.36, with an 8% rise in the last seven days, according to CoinMarketcap.
Both cryptocurrencies may be poised for further gains in the coming days. The recent announcement from the Litecoin Foundation that its Mastercard-powered Card will be launching in Europe has also contributed to the recent price surge for Litecoin; in the last 30 days, it gained about 14.0%.
The partnership with Unbanked and Mastercard will expand Litecoin’s presence in Europe, building on the success the Litecoin Card has enjoyed since launching in the United States two years ago.
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