Litecoins mining difficulty has reached new all-time highs of just under 18 million hashes, according to a post published by the Litecoin Foundation on CoinMarketCap Friday. As a result of increased hashrate, the mining difficulty for Litecoin is currently at a new record as well. Reach puts Litecoins mining difficulty at 17.99M hashes on Block 2,363,707 on Friday, Nov. 5.
Litecoins average increase in mining difficulty over the past 24 hours is 0.0% at block 2,249,528 in the Litecoin blockchain network. As more hashing power is added to the Litecoin mining network, Litecoins difficulty should increase in order to prevent blocks from being generated too fast. To keep blocks generated on a consistent basis, difficulty has to increase or decrease, which is called a difficulty reset.
The mining difficulty for Litecoin is the characteristic of the block chain which determines how much work the hashing miners must perform before being able to mine a new block. The mining difficulty on its peer-to-peer network is adjusted automatically once the 2,016 blocks in the network have been mined. The adjustment of difficulty up or down depends on the number of participants in the mining network and their combined hash power.
Miners produce hashes in order to compete to find the lowest hash value relative to a target set by the networks mining algorithm. Currently, bitcoin and other digital currencies are mined through mining pools, in which many miners combine efforts and combine hash rates to seek block rewards. Because difficulty is constantly increasing, miners are joining forces within bitcoin mining pools and solving a mathematical puzzle together. Mining pools are advantageous for new miners, as each persons resources are combined, and block discoveries happen more often, meaning that you are decreasing the difficulty of Litecoin mining.
Reach shows the mining competition has increased, likely because of the increased number of miners joining litecoin. Litecoins mining challenges means that competition among miners has increased, which is likely due to more miners joining the community. The official account for Litecoin posted to CoinMarketCap that its mining problem reached an all-time high of a brand-new high of 18 million on Nov. 4, citing data from CoinWarz. The data shows Litecoins mining hashrate recently reached a new all-time high, which may turn out to be a bullish sign for the cryptocurrencys price.
In 2011, Litecoins mining reward was 50 LTC, however, that is down to just 12.6 LTC. The halving event in 2023 will reduce the reward to 6.25 LTC. This fee, expressed in LTC, also takes into account coin merged mining like Dogecoin, which results in higher rewards compared to the normal pool of LTC.
