Litecoin halving in Just 4 days: What it means for the network

  • 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.

Cryptos feed

Latest Crypto News

Latest Crypto News & Analysis

Editors’ Picks

ETH eyes $3,000 as network activity explodes and scarcity grows

Ethereum has finally hit a clear new all-time high across all exchanges, and it’s currently under a healthy consolidation period. Over the past week, Ethereum’s dominance over the market increased from 13% to 17%, while Bitcoin lost close to five percentage points. 

More Ethereum News

Ripple is South Korea’s most popular cryptocurrency, but price stays pressured

XRP/USD bounces off intraday low of 0.2647, stays below 21-day SMA for fifth day. As per the latest report from Messari, Bitcoin and Ripple are the most popular cryptocurrencies in South Korea. The research relies on the data from Bithumb, Corbit and Coinone for the fiscal year 2019.

More Ripple News

XLM Price Forecast: Stellar primed for a 10% short-term upswing amid massive network expansion

Stellar had tremendous success in 2021, reaching a high of $0.411 after a massive 230% price explosion. The digital asset has outperformed several other coins, including Bitcoin, and could be poised to rise even higher amid positive metrics shown by the Stellar Development Foundation (SDF).

More XLM News

BTC rally back to $40,000 in jeopardy as Grayscale’s demand diminishes

Bitcoin is trading slightly above $33,000 after plunging from January’s peak near $42,000. Investors, speculators, and analysts believe that the pioneer cryptocurrency can hit price levels beyond $40,000. 

More Bitcoin News


Bitcoin Weekly Forecast: BTC is on track to $100,000 despite the recent correction

After hitting a new all-time high of $41,950, Bitcoin had a major 31% correction down to $28,850. For the most part, this pullback is considered healthy as past price action indicates it’s normal for the flagship cryptocurrency to experience 30-40% corrections during a bull rally.

Read the weekly forecast