Litecoin’s hash rate and difficulty recover despite faltering price

Litecoin's network's hash rate has risen to levels last seen in August 2019.

Litecoin’s hash rate and difficulty recover despite faltering price

LTC has been lost more than half of its value in the past few months, recently market price increases, its blockchain hash rate has been on a steady uptrend depicting the resilience of network participants in the face of tremendous volatility in the broader market. 

According to BitinfoCharts, the Litecoin mining hash rate has been increased to 397 this February 1st The last time was back in August 2019. A week later, the numbers are still hovering around this level. Also, a level was last seen in August 2019. the network's difficulty level was adjusted to 13.53 million.

The network hash rate plunged sharply to 170 Th/s in June 2021, just a month after hitting a nearly two-year high of 384 Th/s. This came amid the all-out crypto ban in China. 

Both hash rate and difficulty have been on a steady uptrend in tandem price recovery, even though the latter's trajectory wasn't as smooth. in fact, the drop that unwrapped in the last week of January also this year failed to deter the overall hash rate trend, demonstrating a more robust network, 

The major culprit for the initial fall was undoubtedly the second halving. Litecoin's hash rate and difficulty went on a freefall since the mining reward network halved in July 2019.

Fell out of favor with investors, and it took sixteen months from the event for the silver coin to reach a price of three figures, However, Litecoin mining became more profitable throughout 2020 and remained on approx the same level in the early months of 2021. The latest recovery was a bullish factor as network volatility continued to wreak havoc. 

MimbleWimble Update

Most regulators worldwide have blatantly snubbed anonymity-fostering protocols, Litecoin is moving with privacy opt0-ins with the release of MimbeWimble (MWEB) upgrade after two years of development. it first started when the Beam Privacy team announced an interesting implementation of MWEB as Extension Blocks (EB) into the Litecoin network on Dec 19

According to the lead developer David Burkett, the update in question aims to enhance the viability of Litecoin as a fungible currency for daily transactions, paying salaries, and even buying real estate. 

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