- 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.
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