The most popular Bitcoin (BTC) split and well-known cryptocurrency, Litecoin (LTC), is preparing for its much awaited third halving event. It has been called the “digital silver” The Litecoin (LTC) halving is a key milestone for the coin’s price, technology, and road plan. It is considered one of the most important events of 2023 for proof-of-work (PoW) cryptocurrency aficionados, traders, and investors.
The halving of Litecoin is expected to take place on August 2, 2023, and it will result in a 50% reduction in the currency’s emission. The payout for mining Litecoin (LTC) blocks is currently 12.5 Litecoins (LTC), however after the halving, it will only be 6.25 LTC. At the current pricing, Litecoin (LTC) mining machine owners will earn $607.8 every 2.5 minutes after the halving.
In the past, halving occurrences have frequently sparked a bullish cycle for both the main cryptocurrency and the big altcoins. The price of Litecoin (LTC), Bitcoin Cash (BCH), Bitcoin Cash ABC (XEC), and other Bitcoin-like cryptocurrencies have already increased by double digits in anticipation of Litecoin’s (LTC) halving.
Litecoin (LTC) was first introduced in October 2011 by Charlie Lee, a former Google engineer and early adopter of Bitcoin. The 84 million coin limit cryptocurrency introduced a merge-mining mechanism with Dogecoin (DOGE) in 2014, using the same mining hardware.
MimbleWimble, often known as MWEB, was a significant improvement that Litecoin (LTC) released in 2022. Through this soft fork, certain Litecoin (LTC) transactions might be carried out in secret. In addition, Litecoin (LTC) enabled support for Bitcoin Ordinals, a subclass of basic NFTs on the Bitcoin (BTC) blockchain, and turned on support for business Lightning Network (LN) channels in 2023.
Halvings are one of the key components of the tokenomics architecture in proof-of-work (PoW) cryptocurrencies. In addition to encouraging miners, they guarantee coin scarcity and start cryptocurrency cycles. Thus, the halving of Litecoin (LTC) is expected to usher in a new era in the history of the cryptocurrency.
