Litecoin celebrates the issuance of the 60,000,000th coin with another sell-off

Litecoin system passed an important milestone on January 12 as 60,000,000 was mined. Considering that Litecoin has a limited issuance of 84M  LTC, currently, there are over 71.5% of the total amount of coins in circulation, according to the data provided by LitecoinBlockHalf.

Also, it means that there are only 3M of coins to be mined before the block reward is halved from 25 LTC to 12.5 LTC.

"The halving is estimated to take someplace this August when 75% of the total Litecoin supply has been mined. At the current reward rate it takes ~70 days to mint 1M new Litecoin into circulation and after the halving, this time will double to ~140," the company announced in its blog post.

The halving is estimated to take place on August 8, 2019, as 75% of Litecoin issuance will be mined by that time. Also, considering the current mining speed, all Litecoins will be released in circulation somewhere in the middle of 2020.

"Since Litecoin is deflationary we won't see the 70M milestone until approximately 1330 more days have passed, or sometime in mid-2022. The final Litecoin is estimated to be mined sometime in 2142 according to the mathematics of the system, at this point 0.00000042 Litecoin will be the block reward," the company wrote.

It is also worth noting, that the Litecoin developers plan to reduce transaction fees in Litecoin network ten times with the release of Litecoin Core 0.17 update. The news was announced in October 2018.

At the time of writing, Litecoin is changing hands at $30.66, which is 6% lower than the day before. The coin takes the 8th place in cryptocurrency rating with a market value of $1,8B.

LTC/USD, 4-hour chart