Litecoin Is ‘Halving’ Soon: What’s Happening and What You Should Know

LTC and USD 860x430

A rule embedded within litecoin’s (LTC) code is set to soon reduce rewards for the miners who today ensure transaction processing on the world’s fourth-largest blockchain by total value.In approximately five days, litecoin will undergo a scheduled reward halving – a process aimed at preserving cryptocurrency’s purchasing power. The mining reward is currently set at 25 litecoins ($2,500) per block and will drop to 12.5 litecoins ($1,200) per block on Aug. 5.With that transition, the protocol will be adding significantly fewer litecoins to the market after Aug. 5.The halving, therefore, sounds similar to interest rate hikes and other measures initiated by central banks across the globe when combating high inflation, so investors may feel tempted to snap up litecoins while heading into the event.However, while the cryptocurrency may pick up a bid in the next couple of days, big gains look unlikely with the price action of the last six…

Read the original article here

IF YOU LIKED THIS ARTICLE CLICK SHARE