Litecoin [LTC] successfully conducted its halving process at the designated block height of 168,000. The Creator of LTC, Charlie Lee, tweeted,
Litecoin halving was a success! And the price just hit $100! 👍 Block 168,000 produced 12.5 LTC in block rewards. Let’s do this again in August 2023!
The $100 mark was a critical psychological level that Litecoin broke just around the time of halving around 9: 30 hours UTC. The price action was also supported by a considerable rise in volume, signaling a positive growth for the cryptocurrency.
The price of Litecoin before the halving was around $95. Moreover, some traders were also expecting further downtrend. Nevertheless, the volume and the price move suggests that the event transpired to have a positive effect.
Charlie Lee also provided us with a statistic on Block timing and rewards post-halving. He tweeted,
Since the halving, 12 blocks have been found in 17 minutes. Seems like miners have not shut off their hash rate at all. Instead, we are mining at a rate of a block every 1.4 minutes on average, which is much faster than the expected 2.5 minutes. Litecoin network is healthy!
As he noted, the hash rate has been consistent with the past couple of days. Moreover, the total hash rate of Litecoin [LTC] is around its all-time highs.
Nevertheless, the update was given about 17 minutes into the new rewards system. Doubts were raised regarding the authenticity of the data, to which Lee confirmed that,
Litecoin difficulty changes every 3.5 days on average. We will have a very good idea how much of a hashrate hit with about a day or so of data. If blocks are slow, it will likely be back to normal within a week. We will see.
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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