#coins #crypto #cryptocoin #cryptocoin.pk #cryptocurrency #Radix

  • Litecoin’s miner difficulty increased in response to the jump in hash rate.
  • LTC grew 2.58% in the last 24 hours.

Mining activity remains central to a blockchain’s security, the validity of Proof-of-Work (PoW) blockchains, and the issuance of their native cryptocurrencies.

Experts and traders therefore keep a close eye on mining-related metrics to gauge the health of the network.

Litecoin sees an influx of miners

Litecoin [LTC], one of the largest PoW chains, saw its mining difficulty surge to an all-time high (ATH) of 30.03 million (M), AMBCrypto spotted using Litecoin Space data.

This marked a difficulty increase of nearly 6% in the last 24 hours and a 16% jump over the last week.

Source: Litecoin Space

As is well established, mining difficulty is periodically adjusted based on the total network hash rate. This is done to ensure that the time taken to generate a new block remains constant, i.e., 2.5 minutes on the Litecoin blockchain.

In the present scenario, a sharp uptick in hash rate was observed over the last few days, peaking at 872 TeraHashes per second (TH/s) at press time. This was possibly due to an influx of miners/rigs or the adoption of sophisticated mining equipment.

Therefore, to offset the increased mining capability, difficulty was increased.

A higher mining difficulty, on a broader scale, suggests that the network was more secure, ruling out manipulation by a select few powerful entities.

Moreover, the growing number of miners also reflected network growth, a bullish signal for LTC in the long run.

Network utilization jumps

Litecoin has been quite active since December 2023, with daily active users and on-chain transactions reaching unprecedented levels. Active addresses surged to ATH of 1.39 million on 8 December, AMBCrypto found using Santiment’s data.

Source: Santiment

Fees still not burning a hole

However, despite growing traffic, transaction fees remained very much in control. On average, miners earned $1.84 for every block produced, data from Litecoin Space showed.

This was significantly lower than the $3.44/block charged during the Ordinals frenzy in May.

Source: Litecoin Space

Is your portfolio green? Check out the LTC Profit Calculator

A plausible reason behind this could be the increase in hash rate, which made sure transactions were getting included in a block quickly. As a result, users didn’t have to bid up fees to jump the queue.

The jump in mining indicators had a positive bearing on the native coin, LTC. The “digital silver” grew 2.58% in the last 24 hours, AMBCrypto observed using CoinMarketCap’s data.

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

WP Twitter Auto Publish Powered By : XYZScripts.com