Published On: Mon, Aug 5th, 2019

Litecoin latest: LTC halves cryptocurrency reward for miners | World | News

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The fourth-largest cryptocurrency has slashed its block reward for miners by half having reached the trigger height of 1,680,000 this afternoon. LTC founder Charlie Lee revealed blocks are being created at a speedy rate of 2.5 minutes which is an indicator of a good sign of network health. He said: “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!”

Mining pool operator confirmed the event marks a major threshold for investors with rewards reduced by half to every 840,000 blocks, which is expected to happen every four years.

It also prompts the mining reward for every block to be slashed from the previous 25 LTC to 12.5 LTC.

The result of the event has promoted LTC to spike at 14 percent.

The next halving event will take place in the year 2023, causing the alt coin to spike ahead of other cryptocurrencies.

Cryptocurrency king bitcoin surged by 10 percent to £9,050 ($11,800) after trading in Asia today.

Typically, the surges happen in the hours before so-called “halving” events.

READ MORE: Litecoin wins star of the week as bitcoin falls flat – ANALYSIS

This comes from a total of around 84 million.

The halving – with the next due in 1,458 days – decreased annual inflation to 4.26 percent across the board.

It also has the potential to increase value while decreasing the supply.

LTC price is surging after a 40 percent pullback.

This year so far Litecoin has outperformed bitcoin with a huge increase of 240 percent from New Year’s Day.

The current market capitalisation of LTC is £5.2billion ($6.4billion).

Rival alt coin Ethereum has also added around seven percent to hit £193 ($235), with XRP making a five percent move to £0.27 ($0.33).

The total crypto market cap is now £255billion (£310billion).

Halving is a process that happens when the mining reward for a cryptocurrency is reduced by 50 percent.

Litecoin miners are currently awarded 25 coins per block.

Generally, “bitcoin halving” searches had a tendency to be more common than entries for LTC.

But this trend reversed last month.

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