It’s been revealed that Litecoin and Dogecoin are seeing a surge in mining. Check out the latest reports about this below.
LTC and DOGE see mining surge
According to the latest reports from Blockworks, it seems that the mijning activity is surging on a raft of proof-of-work blockchains still riding tailwinds from Ethereum’s switch to proof-of-stake five months ago.
Those beneficiaries of Ethereum’s long-awaited Merge, which activated last September and sent the blockchain’s miners out of business, include Dogecoin, Litecoin and Syscoin as well, according to the same notes.
“At the time, smaller networks minable with high-end GPUs — a la pre-Merge Ethereum — immediately saw a major hash rate uptick. Ethereum Classic’s hash rate (a measure of the network’s computing power) ballooned 160% in a single day and RavenCoin’s jumped 80%.”
It’s also important to mention the fact that like Bitcoin, Dogecoin and Litecoin can only really be efficiently mined with specialized ASIC rigs attuned to their hashing algorithm, Scrypt.
The same online publication mentioned the fact that those networks, which command far less hash rate than Bitcoin, did not book a sudden hash rate boost in September, unlike Ethereum Classic.
Crypto weekend predictions
A popular crypto analyst warned Bitcoin (BTC) traders that the weekend ahead could be a tricky one.
Popular crypto trader Michaël van de Poppe recently told people to avoid overleveraging BTC heading into the first weekend of the new year.
The trader also addressed the state of Ethereum (ETH), trading for $1,263 at the time of writing.
“Theory still stands on Ethereum, going as planned so far.”
He also made sure to address Litecoin (LTC).
“Thank you very much, we’re getting there for Litecoin.
Probably later today time for longs.”
Regarding the price of Bitcoin, at the moment of writing this article, BTC is trading in the green, and the king coin is priced at $16,941.
