Wednesday, October 27, 2021

Litecoin drop continues, miners struggling to maintain profits

The Takeaway:

Since the halving in mid-July, Litecoin has been struggling to maintain its price. Hashrate of the fifth-largest cryptocurrency has dropped by more than 40%. Miners have been struggling to earn profits since their rewards for adding each block got reduced to 12.5 LTC from 25.

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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. 

Hashrate of Litecoin has dropped from 472.66 TH/s in mid-July to 296.54 at the time of writing. Data provided by 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?

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Disclaimer: The article reflects the opinions of the author and is not representative of Chaintimes’ views.
The article does not offer any investment advice. User discretion is advised when investing in or trading with cryptocurrency. Extensive and diligent research should be carried out by the reader before making a decision.

Paul Rea
Paul Rea
Paul is a graduate from the Queensland University of Technology and has a demonstrated history of working in the computer and network security industry. Apart from being a dedicated author, Paul also has an interest in graphic designing.

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