- Litecoin mining rewards to be cut in half on August 5.
- Investors are looking forward to the historical gains past the halving.
Litecoin mining reward halving is coming up in exactly four days as confirmed by the founder Charlie Lee on Twitter today. The downtrend since the highs achieved in June has had many investors looking towards this event. Halving has in the past culminated in incredible gains for Litecoin and investors hope that history will repeat itself.
“I'm announcing today that in 4 days, I will be cutting Litecoin mining rewards in half for the first time in 4 years. This should help prevent the possibility of a cryptocurrency downturn.
And I will cut it in half again in 2023!” Lee shared on Twitter.
Halving is a rule within the blockchain of both Bitcoin and Litecoin. It is carried out every four years. Mining rewards are cut in half, for instance, from the current 25 LTC per mined block to 12.5 LTC.
This will significantly impact on the supply of Litecoin as fewer coins will be mined. The halving is much-like the inflation measures put in effect by central banks for fiat currencies. If history repeats itself, Litecoin is expected to relatively increase in value. The previous halving saw LTC double in value from $2.5 to $5.5. This set the framework for the parabolic gains in 2017.
At present, Litecoin is trading at $96 following a 2.5% loss on the day. Losses continued to press down on the altcoin despite heading towards the scheduled halving. On the upside, $100 critical level remains unconquered.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.