Litecoin Hashrate and Low Transaction Costs Impress Blockchain Enthusiasts

In a recent tweet, Litecoin highlighted notable milestones for blockchain enthusiasts. According to the most recent data, the Litecoin network's total

Litecoin Surges Past 1 PetaHash Hashrate, Network Processes 52,376,152 LTC in 24Hrs with Transaction Fees Below 1 Cent

In a recent tweet, Litecoin highlighted notable milestones for blockchain enthusiasts. According to the latest data, the Litecoin network’s total aggregate processing power (hashrate) has surpassed 1.1 PetaHash per second (PH/s).

Network Check: #Litecoin's total combined computational power (hashrate) is currently 1.1 PetaHash/s! Processing hundreds of thousands of transactions to move 52,376,152 LTC in the past 24hrs! Billions in volume with transaction fees less than a penny. What's in your wallet?… pic.twitter.com/PclqpMBqYK

— Litecoin (@litecoin) July 10, 2024

Litecoin Hashrate Surges Past 1.1 PetaHash/s, Network Handles 52,376,152 LTC Transactions in 24Hrs with Transaction Fees Below 1 Cent

Over the last 24 hours, the network has handled hundreds of thousands of transactions, totaling 52,376,152 LTC. Despite the massive transaction volume worth billions of dollars, transaction costs remain astonishingly cheap, at less than one cent per transaction.

Following these developments, LTC’s price has risen by 1.45% over the last 24 hours, hovering around $68.20 with a $268.28 million trading volume.

Moreover, last month, Litecoin achieved another milestone by surpassing 12 million transactions, outpacing the lifetime totals of several other blockchains. While Litecoin’s name may not be very popular in the cryptocurrency market, it stands out in the blockchain arena.

Litecoin Surges Past 1 PetaHash Hashrate

In other news, the Litecoin project is preparing to host the Litecoin Summit 2024 in Nashville, Tennessee, on July 24-25. This summit will bring together enthusiasts, developers, and investors to discuss and celebrate Litecoin’s development and future potential. The event is set to be a landmark occasion for the Litecoin community and the broader blockchain ecosystem.

On the other hand, CNF reported a few days ago that Litecoin miners’ reserves had dropped to their lowest point in recent years, reaching 1.61 million LTC ($120 million), a 29% decrease. This reduction is linked to the 2023 halving event, which has impacted miners’ earnings and reserves.

The decrease in supply is a critical element of the network’s economics, influencing both the mining community and the overall market dynamics.

Looking ahead, the next Litecoin halving is expected in 2027, when mining payouts will be reduced from 6.25 LTC to 3.125 LTC per block. This upcoming halving is expected to have a major effect on the network’s supply and mining activity, making it a key event to watch in the cryptocurrency landscape.

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