Litecoin’s mining difficulty is at 26.2 M at block 2,498,134. This is an increase of 3% from yesterday and 84% from a year ago, indicating a rising difficulty for miners to find new blocks and benefit from their rewards.
While increasing mining difficulty levels make block computation tougher for miners, it is also a hallmark of a strong and secure network.
Additionally, this trend regulates the frequency of new coin issuance, a crucial factor for controlling a cryptocurrency’s supply.
Litecoin’s recent trend has corresponded with that of Bitcoin, whose difficulty has swelled by 8.8% following three straight changes since May 18, 2023. BTC’s total difficulty is currently standing at 52.35 trillion, an all-time high [ATH].
In terms of price, LTC’s value continues to linger under $90, due to Bitcoin’s volatility and uncertain moves from the United States’ regulatory bodies.
However, the value of the leading altcoin has shown promising signs in recent weeks as the halving event approaches.
Litecoin is heading towards its third halving event on August 2, 2023, which will reduce the block rewards from 12.5 to 6.25 LTC.
A halving event takes place once every four years, or when 840,000 blocks have been produced. Block payouts to miners will be cut in half due to this occurrence. So far, Litecoin has undergone two halving events in 2015 and 2019.
The 11th-ranked asset has recently trounced Ethereum [ETH] in a key metric. Glassnode estimated that there are more than 200 million LTC addresses, compared to only 181 million ETH addresses, giving LTC a lead of over 20 million addresses.
Litecoin Blockchain’s Performance Something To Rejoice Over; Here’s Why
LTC was used in transactions more frequently during a given period as the metric increased. Additionally, profit-related daily on-chain transaction volume rose last week.
Litecoin also hit a new milestone in its total transaction count with an All-Time High of 167 million payment transactions. This development reflects its growing acceptance and adoption of LTC as a viable payment option in various sectors.
Furthermore, LTC demonstrated a robust market depth and trading volume as the fourth most liquid cryptocurrency. This liquidity is crucial in order to facilitate smooth transactions and attract a larger clientele, including traders, investors, and corporations.