Litecoin (LTC) Bleeds Hashes as Miners Abandon Ship

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The Litecoin network was a boom-and-bust story in the summer of 2019. Miners started to abandon the coin as soon as the block reward went through a halving on August 5. Litecoin Reward Halving Dispersed Miners The cutoff date for Litecoin mining arrived exactly on August 5, when the block reward fell from 25 LTC to 12.5 LTC. The event, repeating every four years, also caused the price to shortly boom to $140, only to unravel later. LTC currently trades at $71.28. The hashrate dropped off from 523 terashes per second to a recent low of 295 hashes per second. Only in August, the network lost 30% of its mining power. LTC keeps its spot among leading altcoins, with high liquidity and a relatively good performance this year. But the drop in hash rate may be a bad sign for the future of the bitcoin network as well. Litecoin was…

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