Litecoin’s Hashrate Hits All-Time High, Difficulty Follows Suit Cryptocurrency

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The computing power of the Litecoin blockchain network reached an all-time high (ATH) on Wednesday, January 25, 2023, at a block height of 2,411,048, reaching 798.43 terahash per second (TH/s). Additionally, Litecoin difficulty also hit an all-time high this week, hitting 23,505,031 the following day.

Litecoin computing power soars 38% in 30 days

A significant amount of hashrate has been dedicated to the Litecoin (LTC) network over the past 30 days, as the blockchain’s computing power increased by 38% from 576 terahash per second (TH/s) on December 28 2022 at full-time high of 798 TH/s recorded on January 25, 2023. Currently, Litecoin’s hashrate on January 28, 2023 is around 691 TH/s, which is 20% higher than last month’s hashrate. The price of Litecoin has also increased, with the value of LTC rising 34% against the US dollar in the past 30 days.

On January 25, 2023, LTC’s hashrate reached an all-time high of around 798 TH/s, and the next day, LTC’s difficulty rose to 23.50 million.

The all-time highest hash rate of 798 terahash per second (TH/s) is at around 202 TH/s of a single petahash per second (PH/s), which is equivalent to 0.798 PH/s. Viabtc is the leading Litecoin mining pool with 192 TH/s, or 27% of the total Litecoin hashrate. The Viabtc crypto mining pool is followed by F2pool (121 TH/s), Antpool (104 TH/s), Litecoinpool.org (77 TH/s), and Binance (69 TH/s), respectively. Litecoin’s five mining pools also participate in dogecoin merge mining (DOGE) through a process called Auxiliary Proof-of-Work (AuxPoW).

Over the past week, LTCs have hardly jumped 3.28%, in 30 days they have risen by 14.80%, and over the past three months they have risen by 32.41%.

Litecoin will be the first of a few proof-of-work (PoW) cryptocurrencies to halve its mining reward, as its network predates protocols like Bitcoin Cash (BCH), Bitcoinsv (BSV), and Bitcoin (BTC). The LTC network is expected to reduce its reward from 12.5 LTC to 6.25 LTC on or around August 3, 2023. Litecoin’s difficulty increased to 23.50 million on January 26, and it was 3.28% higher than the course of the last three days. Like Bitcoin, Litecoin’s difficulty adjustment occurs every 2,016 blocks, but LTC blocks are discovered at a rate of approximately 2.5 minutes per block.

Google Trends global data for the search term “Litecoin” on January 28, 2023.

This means that Litecoin’s difficulty adjustment retargets every three days to keep blocking time at a constant rate. In the last month, the difficulty has increased by 14.80% and by 32.41% in the last 90 days. LTC has lost much of its market dominance since its inception, as it was once the second-largest cryptocurrency by market capitalization at the end of January 2014. The following year, around the same time, it was knocked down to the third-largest cryptocurrency by market capitalization. In the years that followed, LTC gradually dropped to its current 17th position.

Interest in LTC has also dropped since 2013, as data from Google Trends (GT) indicates that, out of a score of 1 to 100, the search term “Litecoin” reached a score of 6 in 2013. In December 2017 , the term reached the highest score of 100, but today the score is half of what it was in 2013, at 3. GT data further shows that the search term “Litecoin” has experienced a rebound in late 2020, and a much larger spike throughout 2021 The greatest interest in Litecoin comes from Nigeria, the Netherlands, Czechia, the United States, and Slovenia.

Tags in this story All Time High, Antpool, Binance, Bitcoin, Blockchain, computing power, crypto mining pool, Cryptocurrency, difficulty, F2Pool, Google trends, Halving, Hashrate, litecoin, litecoin (LTC), Litecoin interest, Litecoinpool.org, LTC mining, LTC network, market cap, mining reward, network, proof of work, terahash per second, ViaBTC

What do you think the future holds for the Litecoin network as it nears its next halving mining reward in August 2023? Share your thoughts and predictions in the comments below.

Jamie Redman

Jamie Redman is the news manager for Bitcoin.com News and a fintech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He is passionate about Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written over 6,000 articles for Bitcoin.com News about disruptive protocols emerging today.

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