The mining difficulty for Litecoin has increased, hitting a value of 26.38 M at block 2,498,134. This number shows a rise of 3.38% over the previous 24 hours, showing a rising difficulty for miners to find new blocks and benefit from their rewards.
As the name implies, mining difficulty measures the degree of difficulty miners have while attempting to create new blocks in a cryptocurrency’s blockchain.
In order for a new block to be formed and for the miner to collect their reward in bitcoin, participants in mining employ powerful computers to solve challenging mathematical problems.
This most recent change in Litecoin is representative of a larger trend in the world of cryptocurrency mining. The difficulty of mining Bitcoin, the first cryptocurrency, has lately increased as well. According to data from BTC.com, the mining difficulty of Bitcoin increased by 2.18% to reach a record high of 52.35 trillion at block height 794,304.
Rising mining difficulty levels increase the computational burden of the task for miners but also indicate a safe and secure network.
Increased mining difficulty implies more people are mining, which contributes to the network’s decentralisation and security. This pattern also aids in regulating the rate of new coin production, which is crucial for controlling a cryptocurrency’s supply.
