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Litecoin’s Hashrate Reaches All-Time High, Difficulty Follows Suit – Altcoins Bitcoin News

Litecoin's Hashrate Reaches All-Time High, Difficulty Follows Suit

The blockchain network Litecoin’s computational power reached an all-time high (ATH) on Wednesday, Jan. 25, 2023, at block height 2,411,048, reaching 798.43 terahash per second (TH/s). In addition, Litecoin’s difficulty also reached an all-time high this week, hitting 23,505,031 the following day.

Litecoin’s Computational Power Climbs 38% in 30 Days

A significant amount of hashrate has been dedicated to the Litecoin (LTC) network over the last 30 days as the blockchain’s computational power climbed 38% higher from 576 terahash per second (TH/s) on Dec. 28, 2022, to the all-time high of 798 TH/s recorded on Jan. 25, 2023. Currently, Litecoin’s hashrate on Jan. 28, 2023, is around 691 TH/s, which is 20% higher than the hashrate last month. Litecoin’s price has also been climbing higher as LTC’s value increased by 34% against the U.S. dollar in the past 30 days.

Litecoin's Hashrate Reaches All-Time High, Difficulty Follows Suit
On Jan. 25, 2023, LTC’s hashrate tapped an all-time high of around 798 TH/s, and the following day, LTC’s difficulty jumped to 23.50 million.

The all-time high hashrate of 798 terahash per second (TH/s) is roughly 202 TH/s away from a single petahash per second (PH/s), which equates to 0.798 PH/s. Viabtc is the top Litecoin mining pool with 192 TH/s, or 27% of the total Litecoin hashrate. The crypto mining pool Viabtc is followed by F2pool (121 TH/s), Antpool (104 TH/s), (77 TH/s), and Binance (69 TH/s), respectively. All five Litecoin mining pools also participate in dogecoin (DOGE) merge mining through a process called auxiliary proof-of-work (AuxPoW).

Litecoin's Hashrate Reaches All-Time High, Difficulty Follows Suit
Over the last week, LTC’s difficultly jumped 3.28%, in 30 days it increased 14.80%, and over the last three months it increased 32.41%.

Litecoin will be the first of a few proof-of-work (PoW) cryptocurrencies to halve its mining reward, as its network precedes protocols like Bitcoin Cash (BCH), Bitcoinsv (BSV), and Bitcoin (BTC). The LTC network is expected to reduce its reward from 12.5 LTC to 6.25 LTC on or around Aug. 3, 2023. Litecoin’s difficulty increased to 23.50 million on Jan. 26, and it was 3.28% higher over the last three days. Like Bitcoin, Litecoin’s difficulty adjustment occurs every 2,016 blocks, but LTC blocks are discovered at a rate of about 2.5 minutes per block.

Litecoin's Hashrate Reaches All-Time High, Difficulty Follows Suit
Worldwide Google Trends data for the search term “Litecoin” on Jan. 28, 2023.

This means Litecoin’s difficulty adjustment retargets every three days to keep the block time at a consistent rate. In the last month, the…

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