Litecoin hashrate increases by 117% as price stalls

litecoin (LTC) hashrate more than doubled in less than a year as the network’s computational power increased by 117%. as highlighted According to the Litecoin Foundation, the LTC hashrate within the past 365 days was 1.7PH/s. It is now scaled to 3.7PH/s.

Litecoin network security has been strengthened

For context, the computational power securing the network is measured in petahashes per second. Therefore, a higher hashrate means the network is more secure at the moment compared to a year ago, when Litecoin was celebrating achieving 1.7PH/s as a major milestone.

Particularly with proof-of-work blockchains like Litecoin, the security of the network depends on the amount of total mining power deployed to verify transactions. The higher the hashrate, the harder it is for an attacker to compromise the network.

This shows that the new 3.7 PH/s achieved by Litecoin makes it difficult for malicious attackers to take over the network and manipulate transactions. This hashrate expansion indicates continued infrastructure development within the network.

This indicates increasing participation in mining aimed at increasing network security against attacks.

According to the Litecoin Foundation, the mining difficulty has also jumped from 49.3 million a year ago to 118.2 million. This increase of over 2.4x is extremely important for Litecoin’s network health and security and is bullish.

Generally, an increase in difficulty indicates that miners have invested in significant new hardware, and higher numbers indicate stronger network security.

This is because the energy cost required for an attacker to take over the network or control more hashrate may deter malicious attackers from taking action.

This development also suggests that miners are betting heavily on Litecoin’s long-term future, despite slowing growth in the price outlook. LTC has recently recorded a significant decline, which is impacting the price.

Litecoin price trend lags strong fundamentals

Litecoin continues its downtrend as sellers push the price back and prevent it from rising above the psychological $100 level. Over the past 7 days, LTC is down 8.11%, underperforming compared to the broader cryptocurrency market.

At the time of writing, Litecoin is change hands At $93.56, it represents a 2.2% decline in the past 24 hours. The coin used to be attempted a rebound It rose from a low of $92.46 to a peak of $97.35 before facing rejection.

Altcoin trading volume has also been low, with the value decreasing by 35.18% to $615.11 million during the same period. This and the transfer of capital are Other assets such as Zcash We keep LTC below $100.