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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.

Altcoins

Binance Chain’s first project Mithril to launch with MITH/USDT trading pair

Namrata Shukla

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Binance Chain's adds Mithril as its first project followed by MITH/USDT trading pair
Source: Pixabay

Binance launched its blockchain protocol on April 18 and it already has its first project launch on its network. Mithril, a decentralized social media platform will migrate to Binance Chain. The company’s MITH token, that ranks 121st on CoinMarketCap will transfer from ERC20 to Binance’s BEP2 standard.

Binance Chain has been a highly anticipated project in the crypto world since its announcement and with its launch, the community provided ample support to the move. According to reports, Binance is luring companies into migrating to their new native chain and leave Ethereum.

According to Mithril’s blog post, the migration commenced after the mainnet launch of the Binance Chain and informed the MITH holders that the deposit and withdrawals on Binance.com will be halted for the initial 12-hour migration period, however, trading will continue. The post added:



“Once the initial migration of ERC20-based MITH to BEP2 MITH is complete, Binance users will be able to withdraw MITH to BEP2 wallets, such as the Ledger Nano S, and begin trading on Binance DEX. ERC20 versions of MITH held in private ETH wallets or on other exchanges will not be impacted.”

As Mithril announced about its migration to Binance chain, the price of MITH, Mithril’s native coin saw a surge. The coin also saw a 70% hike,  followed by a market correction. At press time, MITH was valued at $0.0782 with a market cap of $40 million. The 24-hour trading volume of the coin was $108 million as it pumped by 67.10% over the past day. In the past seven days, the coin noted a surge of a massive 81.47%, which started to dip by 0.84% over the past hour.

Following the addition of the project, Binance announced the listing of MITH/USDT trading pair, which will start trading on April 19, 10 AM UTC.





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