The much-awaited Litecoin halving event has now been finished; however, it appears that investors have reacted by taking part in a selloff.
Litecoin price is faring well ahead of the much-awaited halving event on August 20. In just a week, LTC’s market value has increased by 20.5% to $105, allowing investors to recoup the losses incurred during the rout in June. pic.twitter.com/3B4mYaUCMT
— Brian Song (@SPandriki) July 5, 2023
Litecoin Has Completed Its Third Halving, Block Rewards Now Down To 6.25 LTC
The block rewards for LTC are permanently reduced by half during the “halving” event. This occurrence is periodic, taking place roughly every 840,000 blocks that miners hash, or every four years.
Litecoin has completed its much-anticipated halving event today, but it seems the investors have reacted by participating in a selloff. Litecoin Has Completed Its Third Halving, Block Rewards Now Down To 6.25 LTC The “halving” event is where LTC’s block rewards are… #Litecoin pic.twitter.com/Z5fJARL1Lj
— Juan Manuel Chávez ₿ Ξ #Bitcoin 🇲🇽 (@JuanChavMaci) August 3, 2023
Since the creation of Litecoin, its block rewards have been reduced three times, making today’s halving its third. Block rewards for the coin decreased twice, the first time from 50 LTC to 25 LTC and the second time from 25 LTC to 12.5 LTC.
The current halving event significantly reduced the payouts for solving blocks, bringing them down to 6.25 LTC. The existence of halves is due to the fact that they act as a check on the inflation of the asset.
The only means to add new tokens to the circulating supply is through the block rewards that miners receive; therefore, by repeatedly reducing them, the quantity of the cryptocurrency increases gradually.
It seems Season 2 is going to be the big deal for #Vanguard Zombies. Can't wait for the Void and other things coming tomorrow, but…
the "new hub world" kinda means they are only going to update and add new objectives to Der Anfang… which is going to be the only map? pic.twitter.com/XqWDOLnbTO
— MysteryHQ (@mystery_hq) January 11, 2022
When the halving continued, the block rewards eventually got close to zero. This would happen around the year 2142. The asset’s supply will then reach its maximum limit, forcing miners to rely on transaction fees to cover operating expenses.
It’s interesting to note that both price halvings occurred at almost the same price. The rise of the cryptocurrency’s user base and utility-related usage seems to have gone well.
we're having a sagittarius full moon on june, 4 ✨
it's interesting to note that both rulers of the luminaries (mercury for the sun and jupiter for the moon) are in taurus
also, venus (ruler of that taurus stellium, ruled by that full moon) will opposite pluto and trine neptune pic.twitter.com/6Q5vyOL6Cd
— moon babe 🌙🌴 geminis and scorpios' lawyer (@supermoongirl9) May 30, 2023
Because Litecoin provides inexpensive and quick transactions compared to certain other networks like Bitcoin, it may be the reason for this rapid surge in usage. Investors in LTC can only hope that this rise will eventually be reflected in the price.