Litecoin’s third halving event occurred on August 2, causing the altcoin’s mining rewards to reduce to 6.25 LTC per block.
As its name suggests, crypto halving is a mechanism that halves the rewards earned by miners when they validate transactions. Halving events serve as a means to counter the inflation of a cryptocurrency by reducing the number of newly minted tokens by 50%. This mechanism is programmed into the source code of many popular crypto tokens, including Bitcoin (BTC), Litecoin (LTC), and Bitcoin Cash (BCH), among others.
Litcoin undergoes a halving event once miners finish mining 840,000 blocks, which typically happens every four years. As reported by blockchain explorer Litecoin Space, Litecoin’s third halving event occurred at 3:16 PM UTC once the LTC network hit a block height of 2,520,000.
Following this landmark event, Litecoin has experienced a decline in its pricing. Analysts expect the token to remain bearish in the near future. LTC is currently valued at $87.44, down by 6.1% over the last 24 hours.