#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.
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.
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.
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.