Litecoin just achieved a unique milestone, according to the recent post on Litecoin’s medium channel 60 million Litecoins are now mined marking 71.5% of the total supply. This milestone also marks the point at which there are only 3M more Litecoin to go until the halving, which will see the Block reward fall from 25 Litecoin to 12.5 Litecoin.
Only 3M more Litecoin To Go Until Halving
According to the recent post put forward by Litecoin on Medium, as of 12th of January 2019, block #1560000 minted into existence the 60 millionth Litecoin marking ~71.5% of the total 84M according to data provided by LitecoinBlockHalf. The Litecoin algorithm has set the limit of LTC to be produced at 84 million. This leaves a total of 24 million LTC left.
This milestone also marks the point at which there are only 3M more Litecoin to go until the halving, which will see the Block reward fall from 25 Litecoin to 12.5 Litecoin.
The halving is estimated to take somewhere close to August 2019 when 75% of the total Litecoin supply has been mined.At the current reward rate it takes ~70 days to mint 1M new Litecoin into circulation and after the halving, this time will double to ~140. It also means since Litecoin is deflationary it wont be possible to see the 70M milestone until approximately 1330 more days have passed, or sometime in mid 2022.
The post also mentions that The final Litecoin is estimated to be mined sometime in 2142 according to the mathematics of the system, at this point 0.00000042 Litecoin will be the block reward.
Litecoin looking good so far in 2019
Litecoin had started the new year on a promising note as the coin reported growth in its network with over 100 active nodes for the first time. Since its launch in 2018, the Lightning Network for Litecoin has become technologically superior in many aspects to the existing blockchain networks.
Litecoin’s Layer 1 blockchain remains free from congestion thanks to its 4x quicker block time, allowing it to process roughly 4x as many transactions than its big brother Bitcoin over the same time period.
Over the past couple of months, Litecoin has been making news all for the right reason.
- Earlier in December 2018, Litecoin went ahead and beat the Bitcoin Cash (BCH) and Bitcoin Satoshi Vision (SV) to achieve the 7th position.
- In December last week, the Litecoin Foundation partnered with Ultimate Fighting Championship (UFC), one of the leading mixed martial arts organizations, in a deal to promote the cryptocurrency making it the first crypto sponsor for a UFC event.
- In the first week of 2019, Binance’s TrustWallet added support to Litecoin along with Bitcoin and Bitcoin Cash taking thus aiding it to the increasing adoption of Litecoin.
What are your thoughts on Litecoin halving that is expected to be in August 2019? Do let us know your views on the same.
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Sunil is a serial entrepreneur and has been working in blockchain and cryptocurrency space for 2 years now. Previously he co-founded Govt. of India supported startup InThinks and is currently Chief Editor at Coingape and CEO at SquadX, a fintech startup. He has published more than 100 articles on cryptocurrency and blockchain and has assisted a number of ICO’s in their success. He has co-designed blockchain development industrial training and has hosted many interviews in past. Follow him on Twitter at @sharmasunil8114 and reach out to him at sunil (at) coingape.com