Litecoin’s [LTC] mining difficulty reached a new high. The mining difficulty peaked at just below 18 million hashes, as per a Litecoin Foundation post published on CoinMarketCap on 4 November. Miners compete by generating random hashes in order to find one that is less than the target set by the network’s mining algorithm. Those who […]
Miners compete by generating random hashes in order to find one that is less than the target set by the network’s mining algorithm. Those who win this race are rewarded for adding a new block to the Litecoin blockchain. This rise in mining difficulty most likely indicated that the competition for LTC’s miner rewards was heating up.During the time of its launch in 2011, miners were rewarded with 50 LTC once they successfully mined one block.
Currently, miners get 12.5 LTC and once the next halving takes place in 2023, this reward will reduce to 6.25 LTC.
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