The upcoming Litecoin halving event, expected to occur on August 2, 2023, has resulted in a highly anticipated outcome: the network’s hash rate has reached an all-time high. This serves as a positive catalyst for Litecoin mining tools.
With increasing confidence, LTC has surged over 15% in the past week, approaching the significant $100 milestone.
Despite significant price volatility in the past month, the Hash rate of LTC has steadily increased, indicating consistent mining activity.
A similar trend was observed in the previous halving event when the Hash rate of Litecoin reached its all-time high of 523 Th/s before experiencing a significant decline. It was not until mid-2022 that the Hash rate started to accelerate again, reaching new highs.
The upcoming halving event, expected to occur on August 2, 2023, specifically at block 2,520,000, will reduce the block reward by half from 12.5 LTC per mined block to 6.25 LTC per mined block.
The reduction in supply and future scarcity not only push prices higher but also activate increased network activity.
The price of LTC has also recently increased. In just the past 24 hours, it has experienced a significant surge of 15%.