Litecoin hash rate hit an annual low, down 70% after halvening Litecoin, currently ranked sixth in terms of capitalization among all crypto assets, continues to experience a rapid decline in hash rate, which has already approached 2017 levels.

Litecoin hash rate hits annual low, down 70% after halvening

Litecoin, currently ranked sixth in terms of capitalization among all crypto assets, continues to experience a rapid decline in hash rate, which has already approached 2017 levels.

The current drop was preceded by the halvening of the cryptocurrency on August 5, 2019, when the miner reward was reduced from LTC 25 per block to LTC 12.5. Shortly before this event, Litecoin reached historical maximum by hash rate at around 523 TH / s. Current value is 149 TH / s, which corresponds falling by more than 70%.



During the same time, the price dropped from $ 150 below $ 50, and relatively historical high around $ 400 in December 2017 years, the value of the decline approached 90%.



It is noteworthy that then the Litecoin hash rate was only 100 TH / s and continued to grow, despite the change in the price trend of the cryptocurrency and the achievement of a local minimum of about $ 25 in December last year, which can be explained by the improvement of the existing equipment.

Litecoin, like many other cryptocurrencies based on the Proof-of-Work mechanism, uses a complexity adjustment mechanism, which allows its network to function stably even in these conditions. However, miners have markedly less interest in providing security services for a system with a falling asset, while reducing the size of their rewards.

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