Litecoin Network Hashrate Rises To All-time High
The Litecoin cryptocurrency network has broken its own record in hashrate, which reached a level of 359.43TH/s, according to the company's Twitter.
The previous record was set in May 2018, when the total system capacity amounted to 342.88TH/s. The company added that this year the hashrate peaked just at the time when the cost of LTC rose to a record $99.
However, since the beginning of April 2019, the network hashrate and the price of the cryptocurrency have dropped. However, the company claims that these facts indicate an increase in the resistance of the Litecoin network to potential hacker attacks.
Based on the message, it was the reason for the growth of the network capacity. Hashrate in networks with the Proof-of-Work algorithm usually changes according to cryptocurrency value fluctuations. However, the company representatives associate the capacity increase with a lift of mining efficiency.
According to the results of Q1 2019, the cost of LTC increased by 100% and reached the maximum value since the network launch. It is also known that at the beginning of August 2019 the developers plan to conduct a halving, which is aimed at reducing the miners' reward. Thus, the remuneration for blocks computing will decrease from 25 LTC to 12.5 LTC.
As previously reported, in three months, LTC had doubled in price — to $60.