Litecoin Halving Pushes LTC Price Over $100, Block Mining Goes Faster Than Expected

Libra Coin News
Mon, 08/05/2019 - 12:07
Yuri Molchan
Litecoin founder Charlie Lee tweets about a successful LTC halving and that no miners have switched their machines off
Cover image via www.123rf.com
Contents

A short while ago, a scheduled halving took place on the Litecoin network. Contrary to some fears of Charlie Lee that the hashrate may drop, blocks are being mined at an even faster pace than before.

The LTC rate has passed $100 after the halving occurred.

12 blocks in 17 minutes

Charlie Lee has tweeted that the halving was successful. There are three other good things that result from this – the hashrate did not fall (since now miners’ rewards total 12.5 LTC instead of 24 LTC) and all miners on the network keep working, blocks are being produced even faster than expected and LTC has passed the $100 barrier.

Image by CoinMarketCap

Lee writes that on average, it now takes 1.4 minutes to mine one block, whereas the initially expected time for this was 2.5 minutes.

Crypto community’s response

Members of the Litecoin community are sending congratulations to Charlie Lee and the LTC Foundation. However, some believe that the LTC founder was too fast to make positive conclusions.

The @hodlonaut Twitter user, the one who was the first to publicly accused BSV’s Craig Wright of being a fake Satoshi and who was the first to be sued by Wright, pointed out that 17 minutes is not enough to make any objective conclusions.

Lee responded that ‘at least we are off to a good start’ and promised another update later on, with more hashrate data to be analyzed.

Image by Twitter

The next LTC halving, as per the coin’s founder, will happen in 2023.

About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.


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