Litecoin’s Mining Power Has Fallen 28% Since Its Block Rewards Halving

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Many litecoin (LTC) miners working to secure the blockchain and compete for block rewards have been unplugging their machinery following the cryptocurrency’s recent “halving” event, network data shows.Litecoin’s mining difficulty – a coded-in measure of how hard it is to solve the mathematical puzzles used to write blocks on the network – has dropped from 15.93 million on Aug. 4, one day before the halving, to 11.40 million on Aug. 22, based on data from mining pool BTC.com. The hashing power on the network has also fallen by 28 percent.Litecoin’s mining difficulty is designed to automatically adjust every 2,016 blocks, approximately every 4 days, to ensure the block-producing interval remains about 2.5 minutes based on the average hashing power in the current cycle.The 28 percent difficulty drop means the current level is the lowest since April 29. BTC.com’s data estimates that difficulty will continue to decline by another four percent…

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