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Breaking Litecoin (LTC) Successfully Halves Its Block Reward as Price Drops Slightly

2 mins
Updated by Ryan Boltman
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In Brief

  • Litecoin's halving reduces block reward for miners by 50% to 6.25 LTC, contributing to the asset's scarcity.
  • The LTC price remained fairly stable following the halving, falling to the $90 support area, with the trend's direction dependent on a bounce or breakdown.
  • A successful breakout could lead to a 16% increase to $105, while a breakdown could result in a 6% drop to $84.
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Today’s Litecoin halving reduces the LTC block reward for Litecoin miners by 50% to 6.25 LTC, contributing to the asset’s scarcity and deflation.

The halving lowers the speed at which Litecoin’s software releases more coins into circulation. 

Third Litecoin Halving Occurs at Block Height 2,520,000

When it occurs at a block height of 2,520,000, the Litecoin software will slice the block reward for the third time since the blockchain was started.

Initially, the software awarded successful miners 50 LTC for each mined transaction block. After today, the reward for a successfully mined block will fall to 6.25 coins. 

A miner helps secure the network by gathering transactions into a block, confirming their validity, and correctly guessing a hash, a cryptographic summary of all the payments done. The miner then sends the valid transaction block to all nodes in the network.

After that, the Litecoin algorithm releases the mining reward to the miner’s Litecoin address.

The last halving, set to take place in 2142, will cap the circulating supply of Litecoin at 84,000,000 LTC. 

Interested in buying LTC amid the halving hype? Find out where in our comprehensive guide.

Litecoin is a fork of Bitcoin, the oldest cryptocurrency, which is expected to undergo its halving around May 2024.

Anticipating a halving-related price surge, mid-sized LTC whales and miners recently bought large batches of the asset.

Litecoin Hashrate on an Upward Trend

Recently, BeInCrypto reported that Binance’s Litecoin mining power had dropped significantly this year. The firm’s Litecoin hashrate, a measure of how fast it can guess a block’s correct hash, fell from 69 trillion guesses per second in January to 28 trillion in July.

Overall, the number of miners coming online has trended upward in the last six months. The Litecoin algorithm increases the difficulty of guessing the correct hash if there are more miners.

More Litecoin miners have come online in anticipation of the halving, spiking difficulty.
Litecoin Difficulty Has Roughly Doubled This Year | Source: CoinWarz

Mining pool ViaBTC currently mines 33% of all Litecoin. 

Unveil your crypto’s future! Predict now:

Litecoin (LTC) Price Prediction 2023/2025/2030

Litecoin Price Drops Before Halving

The six-hour time frame technical analysis shows that the Litecoin (LTC) price broke out from a descending wedge (dashed) pattern on July 28. Descending wedges are considered bullish patterns, and the breakout from it was expected to result in a significant upward movement.

However, shortly after the breakout, the LTC price decreased, in turn validating another descending resistance line (solid). This was the third touch of this line (red icons).

After the rejection, LTC fell to the $90 horizontal support area. With the exception of a deviation (green circle) on July 24, the area has been in place since July 17. 

Litecoin (LTC) Price Movement
LTC/USDT Six-Hour Chart. Source: TradingView

After a weak bounce, the price returned to the $90 horizontal support area and is in the process of breaking down. Whether it does or bounces instead will likely determine the future trend’s direction. 

A successful breakout will likely lead to a 16% increase to $105. On the other hand, a breakdown could cause a 6% drop to $84.

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David Thomas
David Thomas graduated from the University of Kwa-Zulu Natal in Durban, South Africa, with an Honors degree in electronic engineering. He worked as an engineer for eight years, developing software for industrial processes at South African automation specialist Autotronix (Pty) Ltd., mining control systems for AngloGold Ashanti, and consumer products at Inhep Digital Security, a domestic security company wholly owned by Swedish conglomerate Assa Abloy. He has experience writing software in C,...