Litecoin [LTC] recently became the official cryptocurrency for the American Football team, Miami Dolphins. The NFL team was seen in action at the Hard Rock Stadium, at Miami Gardens, Florida on 9th August against the Falcons.
The 32 years old stadium with a seating capacity of more than 65,000 witnessed a cryptocurrency branding probably for the first time in a decade. The mainstream attention given to Litecoin [LTC] was considerable with the game being aired on national television as well.
— Litecoin Foundation (@LTCFoundation) August 9, 2019
Litecoin Creator Gives Update on Mining Difficulty Post Halving
Litecoin [LTC] underwent its halving schedule on 5th August as the rewards for miners were reduced by half. Litecoin [LTC] creator, Charlie Lee reported successful halving and also reiterated that the mining ecosystem is as healthy as before.
However, some users felt that the analysis of the mining difficulty or hash rate was reported far too early. The difficulty changes are reflected in a couple of days.
According to the most recent update, the hash rate is down only 4.4%, which reflects that only the least profitable miners left the system. He tweeted,
Litecoin has had its first difficulty change since the halving at block 1681344. Difficulty dropped from 15930321 to 15234158, which is a 4.4% drop in difficulty/hash rate.
While Bitcoin is growing a store of wealth, Litecoin has been aiming the payments sector. Nevertheless, volatility has been one of the significant issues of crypto-adoption as a currency.
Moreover, the price of Litecoin [LTC] has also dropped by 15% since the halving occurred. The selling pressure in altcoins has engulfed LTC as well. Nevertheless, it is still trading around 180% higher from its lows at $30.
The price of Litecoin [LTC] at 4: 45 hours UTC on 10th August is $86.5. It is trading 3.12% lower on a daily scale.
Do you think that cryptocurrencies will be accepted as a medium of Exchange or stablecoins will replace them? Please share your views with us.
Nivesh from Engineering Background is a full-time Crypto Journalist at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com