The third halving of Litecoin took place, reducing miners' rewards from 12.5 LTC to 6.25 LTC. This event introduces scarcity and may impact mining profitability.
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.Though the announcement led to a modest price rally on LTC’s charts, it didn’t last long. The token was trading at $67.85 at press time.
The primary purpose of halving is to control the issuance rate of new coins and manage inflation within the cryptocurrency system. This creates a sense of scarcity among market participants, potentially leading to an increase in demand for cryptocurrency. Some miners may leave the network if the costs of mining exceed the rewards, potentially leading to a temporary decline in the network’s hash rate and overall security.
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