Weiss Crypto Ratings revealed that Litecoin hashrate has dropped more than 40% since it went through halvening process in August. The reward for adding a block to the litecoin blockchain was reduced from 25 to 12.5 LTC. This has caused many Litecoin miners to stop their operations. A massive drop in hashrate could also make the cryptocurrency vulnerable to attacks.
Halvening process is usually linked to the increase in the price of the cryptocurrency, but it has not been the case with Litecoin. Since the halvening, the fifth-highest cryptocurrency has struggled to maintain its price. At the time of writing Litecoin is trading at $68.58. And many crypto analysts believe that it may retract to $30- 40 range in coming weeks.
#Litecoin hashrate has dropped 40%, suggesting that miners are leaving the network, which could render it vulnerable to attacks. This is the dark side of halving – it does not always lead to price increases. Sometimes, miners just pack up and leave.#LTC #crypto #cryptocurrency
— Weiss Crypto Ratings (@WeissCrypto) September 11, 2019
Hashrate of Litecoin has dropped from 472.66 TH/s in mid-July to 296.54 at the time of writing. Data provided by BTC.com suggests that a large number of miners have left the network.
With Litecoin being vulnerable to attacks and dropping hashrate, future of Litecoin seems uncertain despite the fact that it has a market capitalization of more than 4 billion dollars. Let us know in comments what do you think where Litecoin is heading?