In Just over 200 days, the Litecoin (LTC) cryptocurrency network will experience its block reward halving. This will be the first major proof of work (PoW), blockchain to undergo this reduction before the next Bitcoin. The predicted halving is expected to occur in 203 days.
Litecoin Block halving to take place around August 3, 2023
Litecoin, the 14th largest cryptocurrency by market cap, is currently counting down to its block reward halving within 202 days. This will be the first major Proof-of-Work (PoW), cryptocurrency to experience a halving in addition to the upcoming reduction of Dash, which is 158 days away. However, Dash’s reduction is different as the reward will be decreased from 2,763 Dash to 2,566 Dash. In the same fashion as Bitcoin, Litecoin’s halving will reduce the reward by 50%, dropping from 12.5 LTC to 6.25 LTC.
Though Litecoin (LTC), with a market cap of the 14th largest, was once a top ten cryptocurrency in its early days. The LTC network offers many different features. As of today, there are currently 72 million LTC in circulation due to more coins being produced. However, LTC is close to its maximum supply of approximately 84 million. The Bitcoin Block time is approximately 10 minutes per block, whereas Litecoin blocks take 2.5 minutes per block.
🔥Litecoin 2W Halving Cycle Chart🔥
Something to give us bullish vibes and some strong optimism going into the future, June 2024.
💡 The Next Litecoin Block reward halving will take place August 3, 2023 pic.twitter.com/8tzlCUQICp
— Zen ☮️ (@WiseAnalyze) January 8, 2023
Market data of the week shows that LTC has gained 29% against USD, but LTC’s value is still 79% below its all-time high. LTC saw its all-time high in the past year of $410 per unit on May 10, 2021. Besides the variations in supply between LTC and Bitcoin (BTC), Litecoin’s Proof-of-work algorithm Scrypt is different than SHA-256. The 3rd Block Reward Reduction of LTC will be the upcoming halving since its launch.
LTC experienced its first halving on August 25, 2015. This halving decreased the block reward for miners to 25 LTC from 50 LTC. LTC block halves occur approximately every 840,000 blocks (or four years). The Second Litecoin Block reward halving happened on August 5, 2019. Particularly, miners saw their block reward drop from 25 LTC per hour to 12.5 LTC. The current reward level is 12.5 LTC for today’s miners.
Apart from Dash and Litecoin