- Litecoin successfully reduced the reward per block mined from 25 LTC to 12.5 LTC.
- “We are mining at a rate of a block every 1.4 minutes on average,” Lee’s tweet.
Litecoin founder, Charlie has been quite vocal in the recent past. Initially, Lee was hyping the community for completed Litecoin halving. Like Bitcoin Litecoin network’s rules state that mining rewards must be slashed in half every four years. On August 5, Litecoin successfully reduced the reward per block mined from 25 LTC to 12.5 LTC.
Despite the drop in the rewards, Lee assured the community that the hashrate had not slumped. This means that miners are getting accustomed to the changes and have not shutdown their mining machines. In addition, block production has been much faster with less mining difficulty.
According to a tweeter message by Lee earlier today, post halving blocks had hit 504. This was roughly 21 hours after halving.
“Since the halving, 12 blocks have been found in 17 minutes. Seems like miners have not shut off their hashrate at all. Instead, we are mining at a rate of a block every 1.4 minutes on average, which is much faster than the expected 2.5 minutes. Litecoin network is healthy!”
In another tweet Lee said:
“504 blocks have been mined since the halving. This is 1/4 of the way to the next diff change. 21.65 hrs has elapsed since the halving. Normally on average it takes 21 hrs for 504 blocks. This means 97% of pre-halving hashrate still mining LTC. Next diff change in ~2.7 days.”
In addition to that, Lee doubled down the crypto saying that “Litecoin is a great store of value also! While replying to a tweet by Anthony Pompliano.
Share
