The mining hashrate of Litecoin has reached a new all-time-high of 500+ TH per second. This latest feat was achieved on the 3rd of May, 2022. Following its new mining ATH, the director of Litecoin thanked fellow miners at Dogecoin foundation who are mining LTC to make the network more secure.
Before this new record was reached, the previous mining rate’s high was achieved in July 2019. More miners joined the network in mid-2019, and Litecoin’s hashrate reached a milestone of 468 TH per second.
The hashrate eventually dropped to 142 TH/s in January 2020. The decrease in mining power resulted from the dip in the price of Litecoin during that period. However, from 2020 to date, the network’s mining power has been on a steady increase, forming higher highs and higher lows.
The increase in hashrate indicates that more miners are keying to the network to validate transactions on Litecoin’s blockchain. This makes the network more secure and resistant to a 51% attack.
On the part of miners, a higher hashrate means lesser rewards since more miners are joining the network to share the mining pool rewards.
The recent increase in mining power was likely a result of the network upgrade that is currently being implemented. Litecoin will be implementing the taproot and MWEB upgrade in the coming days. This upgrade will allow users to transact anonymously on the network.
Litecoin was created in 2011 to make blockchain payments faster and less costly while maintaining security, and it has been serving these purposes effectively.
Aside from the hashrate, the trading volume for the crypto-asset also increased. In the last 24 hours, $651 million worth of LTC tokens has been traded across various centralized and decentralized exchanges. This is a 23% increase compared to the previous day.
LTC investors hope that the recent developments in Litecoin’s ecosystem will push the coin’s rank higher, taking it back to a top ten cryptocurrency by market capitalization.