Hassan Maishera
TL;DR
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The Litecoin Halving is scheduled to take place later today.
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This will be Litecoin’s third halving in its twelve-year history and will reduce the block reward to 6.25 LTC.
Litecoin To Undergo Halving Later Today
Litecoin, usually regarded as Bitcoin’s sister, will undergo its halving event later today. This will be the third halving by Litecoin since the cryptocurrency was launched 12 years ago.
Halving is an event that sees the mining rewards issued to miners for solving complex algorithms reduced by half. Usually, halving occurs every four years and only applies to cryptocurrencies using the proof of work (PoW) blockchain.
The reward, which began 12 years ago at 50 LTC per block, gets cut in half after each 840,000 that are mined. At the moment, the mining reward stands at 12.5 LTC per block. However, the mining reward will be slashed to 6.25 LTC later today once the halving is completed.
Similar to Bitcoin, Litecoin has a fixed limit of 84 million LTC. At the moment, around 87% of the total coins are in circulation.
Litecoin Rallied Ahead Of Its Halving
The halving events are usually followed by a rally of the cryptocurrency. However, some analysts believe that Litecoin already embarked on its halving rally in June when the cryptocurrency surged by more than 40% in a month. At the time, LTC rallied to a yearly high of $119 per coin.
Ahead of its halving, LTC, the native coin of the Litecoin blockchain, is up by less than 1% in the last 24 hours.
Litecoin was launched in 2011 by Charlie Lee after he learned about Bitcoin. Lee cloned numerous Bitcoin codes, including many of the original blockchain’s key features.
However, Lee increased LTC’s total amount to 84 million coins. According to Lee, the halving events help achieve mass adoption without sacrificing network security.
