Litecoin (LTC) has hit a new record for computing power on its network, going over 1.31 petahashes per second (PH/s) recently. This shows the large growth in infrastructure and participants supporting Litecoin, even though its price has not been moving much.
Launched in 2011 as an early spinoff of Bitcoin, Litecoin uses a similar proof-of-work mining structure. Miners verify transactions in exchange for newly created coins. The more miners join the network, the greater the total computing power or hash rate.
Litecoin’s new hash rate high point shows its thriving miner activity and security before its next halving, which will cut the block reward in half. Despite growing strength behind the scenes, Litecoin’s price has been treading water for months, bouncing between $50 and $80 while unable to break overhead resistance.
Some think Litecoin’s stagnant price comes from its high correlation to Bitcoin’s price swings, rather than fundamental drivers. Others argue that Litecoin’s strong hash rate metrics signal long-term viability, even if speculative hype is currently muted. With Bitcoin trending upwards lately, the market is watching whether Litecoin can finally overcome its near-term obstacles and join the ride.
#Litecoin #LTC #Hashrate #Blockchain #Mining #Cryptocurrency
