Litecoin (LTC) Addresses The Falling Hashrate
Litecoin was recently in the spotlight when Litecoin‘s creator Charlie Lee talked about privacy.
He made sure to address the reasons for which the platform has decided to use MimbleWimble to power confidential transactions.
After that, it’s been revealed that the Litecoin Foundation director Franklyn Richards says that the plans to add confidential transactions to LTC are more about fungibility and rather than privacy.
Litecoin Foundation analyzes LTC’s falling hashrate
Now the Litecoin Foundation ponders LTC’s falling hashrate.
In a blog post, Litecoin Foundation Franklyn Richards said that the hashrate, which is basically the raw computing power on the network and how mining rigs are up and mining might have reached a bottom.
“According to data from BitInfoCharts, Litecoin’s hashrate is currently exactly where it was in December of last year at what many believe was the ultimate bottom of this market cycle,” according to the notes.
More than that, it’s been revealed in the blog post that “Back then the market price was half what it is now but with the mining reward having just been halved it makes perfect sense why hashrate is where it currently is. The question now is, will it make a lower low, or has it formed a double bottom and due to a strong rebound?”
It’s also important to note that Litecoin’s hashrate fell 69.9% from the yearly high, which has been set on July 14.
This was right before the halving kicked in and cut in half the reward miners earn for powering the network.
As you know, BTC will also be going through the same process in May 2020.
In terms of pricing, Litecoin is trading in the red at the moment of writing this article and LTC is priced at $45.65.
Other than this, the crypto market is struggling to recover following the BTC recent falls.
Ex-Google engineer, Charlie Lee is the creator of Litecoin and MD of the Litecoin Foundation. Previously Director of Engineering at Coinbase, Lee now focuses full-time on Litecoin. To enhance fungibility and privacy of LTC, integration of MimbleWimble has begun, however Lee has recently announced a crowdfunding launch to fund the development.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.