There is a common tradition in the crypto markets that halving of coins results in the hiking of price value to a considerable position. This same situation can be correlated to the latest halving of LTC. The price may increase in the next coming days due to less pool of coins in the market.

Litecoin Halving

The halving of LTC occurs after every four years when blocks reached to optimal limit of 840, 000. The time taken to complete one block is 2.5 minutes and almost 576 blocks are the target of one day.

The 74.93% of total coins that comprises nearly 62,983,450 coins are in circulation at present. The final halving will happen in 2142 according to estimation.

Reduction in Block Rewards

The mining reward has reduced to 50% after this halving that will create a gloomy effect on the Litecoin miners as they will receive 12.5 Litcoins after the successful creation of the block.

Before this, the miners were receiving 25 LTC coin per block. This reduction in rewards will definitely affect the transaction’s speed of LTC and results in less profitability. Consequently, some miners will obviously leave the pitch.

Shixing Mao, co-founder of F2pool, one of a prominent mining pool,s expressed his view in his recent post:

With an electricity cost of 0.26 yuan [$0.037] per kWh, miners like L3+ can pretty much just shut down tonight.”

But on the other hand, when fewer coins accumulate in the market then the price will automatically increase. This rise in price will again motivate the miners to mine coins.

Litecoin Founder’s Point of View

According to Charlie Lee, the Litecoin founder:

When the mining rewards get cut in half, some miners will not be profitable and they will shut off their machine. If a big percentage does that, then blocks will slow down for some time. For Litecoin it’s three and a half days before the next change, so possibly like seven days of slower blocks, and then after that, the difficulty will readjust and everything will be fine.

.@satoshilite on the imminent $LTC halving, the latest in @litecoin, #Litecoin’s future, and Litecoin futures on https://t.co/i2dlCKKZHj:#LitecoinFam #ignitetheFireLTC pic.twitter.com/hQBsnwo39P

— BTSE (@BTSEcom) August 5, 2019

A chief analyst at ThinkMarketFX told a crypto news website that the halving will have a positive effect on the price of the coin.

Reducing the incentive for miners is good for LTC because only serious people will remain in the space. As for the price action, it is difficult and it depends a lot on the sentiment but usually this kind of action is positive for the price’’

What you think about this litecoin halving? Write down in comments

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