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Litecoin’s Hashrate Hits New All-Time High

The hashrate of the Litecoin network has recently hit a new all-time high, presumably thanks to reports surrounding the launch of a next-generation miner that doubles the hashrate of its predecessor, and is said to be being deployed now.

According to available data hashrate on the LTC network has been rising at a rapid pace, so much so it recently hit a new all-time high. The hashrate improves network security, and as Litecoin.com notes LTC’s hashrate rose far more than that of ETH, XMR, and BCH, despite the bull market.

Litecoin's hashrate over time

According to the website the hashrate’s rise may be related to reports surrounding the released of a new next-gen LTC miner, the L5 Bitmain ASIC Scrypt miner, which has been hinted at online.

Specifically, a user on the LitecoinTalk forums noted that Bitdeer, a cryptocurrency cloud mining partner of Bitmain, has recently listed L5 ASIC miners for contracts, before quickly delisting them.

The user, ‘nehgekim’, noted that although the listings were removed, he managed to get some information on these new Litecoin miners. He said:

Looks like Bitdeer removed the little info icon explaining the L5 specs, I’m sure some search engine will yield this so here are the L5 specs in the image above:1473 MH/s1425 W0.97 J/MH.

The user added that since he purchased these contracts they’ve been performing “better than expected thanks to the lift in the LTC price.” Litecoin.com added that an unnamed source revealed Bitmain is indeed deploying an L5 ASIC miner on its mining farms, which would include Bitdeer.

The outlet’s source reportedly added these new miners “are running around 1.2 GH @ 1-1.2 kw.” This would mean the L5 miners more than doubles the hashrate of their predecessor, the L3 ++, which had a hashing power of 580 MH/s.

The cryptocurrency’s hashrate may also be rising over the upcoming halving event, which will see mining rewards get cut in half on the Litecoin blockchain, from 25 LTC to 12.5 LTC per block. This could mean demand for the cryptocurrency is increasing, and miners are stepping up to claim greater rewards while they can.

As CryptoGlobe covered, LTC’s price recently surpassed the $100 mark as traders are being reminded there’s a limited number of litecoins. The event is set to occur in 61 days, on August 6, 2019.

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Written by Ravi Gupat

Ravi grew up in India and graduated in Economics. He is a serial entrepreneur who has founded and exited several companies in tech and media over the past 15 years. He is also an early stage investor and advisor in various blockchain-based companies.

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