Thursday, December 1, 2022

LTC Hash Rate And Difficulty Recovers Despite Dropping Price

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The LTC hash rate and difficulty recover despite the crashing price of the altcoin which is yet to produce significant recoveries so let’s read further in today’s latest Litecoin news.

LTC lost more than a half of the value in the past months despite the recent market price increases and its blockchain hash rate, which has been on a steady uptrend showing the resilience of the network participants in the face of tremendous volatility on the market. As per the data on BitInfoCharts, the LTC hash rate and difficulty increased to 397 TH/s at the start of February. The last time the figures were this high was back in 2019 and despite undergoing a retracement a week ago, the numbers are hovering around this level and there are also data suggesting that the network’s latest difficulty level was adjusted to 13.53 million which is a level last seen in 2019.

ltc hash rate
Litecoin Hash Rate. Source BitInfoCharts

It is important to note that the hash rate declined dramatically to 170 TH/s in June 2021 which is only a few months after hitting a high of 384 TH/s which came amid the all-out crypto ban in China. Both the hash rate and the difficulty were on a steady increase in tandem price recovery even though the trajectory was not really smooth and the plunge that unwrapped over the last week of January also failed to deter the hash rate trend and showed a more robust network.

The culprit for the initial fall was the second halving and the LTC hash rate and the difficulty went on a freefall since the mining reward network having in 2019 and it soon fell out of the favor with interest so it took another 16 months from the event that the coin to reach a price of three figures. LTC mining became quite profitable in 2020 and remained on the same level in early 2021 with the latest recovery being a bullish factor as the network volatility continued to falter.

ltc daily
LTC 24-hour Price chart (Source: Coingecko)

Even as regulators worldwide snubbed anonymity protocols, LTC is moving ahead with the privacy opt-ins after releasing the MimbleWimble upgrade after developing it for two years. It initially started when the Beam Privacy team announced an interesting implementation of MWEB as Extensions Block into the LTC network in 2019. Experts hold a bullish view on the upgrade and according to developer David Burkett who aims to enhance the viability of LTC as a fungible currency for daily transactions, real estate purchases, and paying salaries.

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