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Litecoin’s (LTC) Hash Rate and Difficulty Recover Despite Stuttering Price

LTC has lost more than half of its value in recent months, despite the most recent market price hikes. The blockchain hash rate, on the other hand, shows a steady upward trend, reflecting the resilience of network participants in the face of massive volatility in the broader market. Litecoin Hash Rate on the Road to Recovery According to data from BitInfoCharts, Litecoin’s hash rate jumped to 397 Th/s on February 1. The last time the numbers were this high was in August 2019. Despite a mild retracement a week later, the numbers are still hovering around this level. In addition, further data also suggested that the network’s latest difficulty had also been adjusted to 13.53 million, a level last seen in August 2019. Litecoin Hash Rate. Source: BitInfoCharts It is important to note that the network hash rate dropped sharply to 170 Th/s in June 2021, just one month after reaching a nearly two-year high of 384 Th/s. This came amid the total crypto ban in China. Since then, both the hash rate and difficulty have been on a steady upward trend during the tandem price recovery, although the trajectory of the latter has not been quite as smooth. In fact, the plunge that occurred in the last week of January this year also failed to deter the general hash rate trend, demonstrating a more robust network. The main culprit of the first fall was undoubtedly the second halving. Litecoin’s hash rate and difficulty has been in freefall since the mining reward network halved in July 2019. It quickly fell out of favor with investors and it took sixteen months from the event for the silver coin to reach a three-digit price. However, Litecoin mining became more profitable in 2020 and remained at about the same level in the first months of 2021. The latest recovery was bullish as network volatility continued to wreak havoc. MimbleWimble Update While most regulators around the world have blatantly disapproved of anonymity-promoting protocols, Litecoin is moving forward with privacy opt-ins with the release of MimbeWimble (MWEB) upgrade after two years of development. It first started when the Beam Privacy team announced an interesting implementation of MWEB as Extensions Blocks (EB) in the Litecoin network in December 2019. Experts are optimistic about this upgrade. According to lead developer David Burkett, the update in question aims to improve Litecoin’s viability as a replaceable currency for day-to-day transactions, paying salaries and even buying real estate. SPECIAL OFFER (Sponsored) Binance Free $100 (Exclusive): Use this link to register and get $100 Free and 10% Off Fees on Binance Futures First Month (Terms and Conditions). PrimeXBT Special Offer: Use this link to register and enter POTATO50 code to get 25% off trading fees.
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