Less Litecoin are Being Mined Than Ever Before!
Earlier this year, we looked at the impact of the Litecoin halving event and how it was an incredibly bullish signal for not just LTC, but for the entire cryptocurrency market!
Dubbed as the “silver” to Bitcoin’s “gold” and holding off hot rivals such as Dash, newcomers Bitcoin Cash, Bitcoin SV, and other digital cash alternatives, Litecoin is holding its own and showing the world why it’s a serious contender as a fully functioning form of money, and also as an investment.
The catalyst for LTC’s power surge throughout 2019 is likely triggered by the halving event. On the Litecoin blockchain, the mining reward is reduced after 840,000 blocks are generated, which currently happens approximately every four years based on the amount of mining power directed at Litecoin’s network.
Today (August 5th, 2019) is the day that this event happens, altering the mining reward of Litecoin from 25 LTC to 12.5 LTC. Every halving reduces the supply of new coins by half, and Bitcoin also has this built in to its code base.
The next halving event will be in four years (estimated to be on Aug 2nd, 2023), which will trigger Litecoin’s mining reward to go down to 6.25. This date may change if mining power fluctuates in the future.
You can view the estimated halving date at: https://www.litecoinblockhalf.com/
According to litecoinblockhalf.com, 7,200 LTC are generated per day, 75% of the total supply is already mined, and there’s less than 21 million LTC left to mine. Just under half of that amount will be mined in the next four years before Litecoin’s mining reward goes down from 12.5 to 6.25.
Litecoin’s Excellent Year Against USD and Other Fiat
The last year has been one of recovery for Litecoin. After peaking at over $300 at the height of the 2017 crypto bull run, Litecoin bottomed at the $23 range in late 2018.
While making astounding progress against the U.S. dollar, Litecoin has once again failed to maintain any gain on Bitcoin, which has also had an explosive year, with altcoins failing to follow the trend for now!
The future for Litecoin looks bright. Its network is more secure than ever, with more hashing power than Ethereum itself. It is also integrating second-layer technology like the Lightning Network and has a first-mover advantage against Bitcoin in flexibly implementing new features.
Sentiment around digital silver is higher than ever, and the four years before Litecoin’s next halving event will be very interesting!
This is not investment advice; please always do thorough research and only invest what you are willing to lose, especially in times of uncertainty.