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.
Ayush Pande is a hardware, gaming, and crypto writer based in India. He's a tech enthusiast who's fascinated by the potential of blockchain technology.
Connect with Ayush on LinkedInLitecoin’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.
Ayush Pande is a hardware, gaming, and crypto writer based in India. He's a tech enthusiast who's fascinated by the potential of blockchain technology.
Connect with Ayush on LinkedIn
