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Litecoin’s [LTC] hashrate climbs to an all-time high of 359 TH/s

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Litecoin's [LTC] hashrate climbs to an all-time high of 359 TH/s
Source: Pixabay

Litecoin’s hashrate reached an all-time high, recording 359.44 TH/s on April 4, 2019. A slightly lesser feat was achieved in May 2018, when the hashrate of the silver coin shot up to 342.888 TH/s.

 

According to the above chart, the hashrate gained traction only after January 2017, reaching the first peak in 2018. The hashrate however, quickly retracted after the silver crypto fell below 150 TH/s. LTC boasted a price of over $140 during the first peak. However, the price of Litecoin has halved since and was valued at $79.86, at press time. The difficulty chart mimicked that of the hashrate, with the highs and lows observed around the same time periods. Litecoin’s difficulty stood at 11.49 M on 12 April.

According to an article by Litecoin.com, the network’s hashrate followed a similar pattern as LTC’s price movement, since it takes considerable time to “setup and acquire new machines.” It further noted,

“However, it can react quicker to a down turn in price as it’s just a matter of switching them off once they become unprofitable.”

The article speculated two reasons behind the latest rise in hashrate, one of them being the recent price surge and efficient mining tools. Another reason that can be considered here is the Litecoin halving scheduled this year. The last halving in 2015 witnessed a 10x spike in the silver crypto’s valuation for several months.

Litecoin.com claimed that with the existing data and and mining hardware, Litecoin can potentially trade higher and reach a hashrate of 500 TH/ priced at $100, while admitting that this is relative to the availability of mining equipment.

The Litecoin block reward, post halving, will amount to 12.5 LTC per block.





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Chayanika holds a Journalism degree and is currently working with AMBCrypto. She is inquisitive about everything that the Blockchain Technology has to offer.

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