Litecoin completes third halving event

By Forkast August 03, 2023 In Bitcoin, Litecoin

Litecoin, a proof-of-work-based blockchain, executed its third halving event on Wednesday, reducing miner rewards from 12.5 to 6.25 Litecoins per block.

Fast facts

Litecoin price fell 3.86% US$89.16, in the 24 hours leading up to 11:15 p.m. in Hong Kong.
Like Bitcoin, block halving events on Litecoin happen every four years. Litecoin had a market capitalization of US$6.54 billion at 11:15 p.m. in Hong Kong, making it the 11th largest cryptocurrency.

LITECOIN HAS SUCCESSFULLY HALVED ITS BLOCK REWARD!

⚡ $LTC ⚡ pic.twitter.com/iemCnkPsdu

— Litecoin (@litecoin) August 2, 2023

Litecoin’s halving event comes before Bitcoin’s own halving, which is expected to occur in April 2024. Historically, each four-year Bitcoin halving cycles included all-time highs in prices.
Litecoin launched in October 2011 with 50 LTC as initial block rewards. The network’s last halving is estimated to take plac in 2142.
Litecoin miners have mined 87% of the network’s 84 million total coins, according to CoinMarketCap.

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