CRYPT — There will be a third halving for the Litecoin network in just over a month, and many are anticipating a price increase for the LTC crypto as a result. Like the Bitcoin network, infrastructure miners see their block reward halved every four years. There has been a spike in activity on the network over the past few days, which could herald the return of digital money. The Litecoin network will experience its third halving in 36 days at the peak of the 2,520,000 block, which is very likely to affect the price movement of the LTC cryptocurrency.
Litecoin’s halving mechanism is a halving of payouts for network miners, just like in the Bitcoin protocol. The current reward for mining a block and adding it to the chain is 12.5 LTC, but this will drop to 6.25 LTC on August 2, the scheduled validation date for block 2,520.00. This happens every 840,000 blocks in the Litecoin network, as opposed to every 210,000 blocks in Bitcoin. In both situations, the rate halves every four years, but the average confirmation “block time” for digital gold is four times that of digital cash. Again, the number “4” appears in the bid for both protocols: Bitcoin’s is set at 21 million BTC, while Litecoin’s is at 84 million LTC, four times as much.
As of 2019, the Litecoin network and its native cryptocurrency will have undergone two halvings since the genesis block mined in 2011. All proponents of the project are currently eagerly awaiting the third halving of new LTC production by minors. Bitcoin users will have to be patient until April 2024, when the network’s fourth halving takes place and miners start receiving 3,125 BTC for each block mined.