On a block of 1,680,000 a halving took place, reducing the reward from 25 coins to 12.5 coins. This event occurs every 840,000 blocks, or about once every four years. Until the next reduction in August 2023, the average daily production will hover around 7,200 LTC.
Charlie Lee, the founder of Litecoin, noted on Twitter that the first 12 blocks with the new reward level were mined in just 17 minutes, much faster than the standard period of 2.5 min/block.
Halving boosted LiteCoin slightly, but in the last 24 hours, the price has increased by only 5.51% and is at $98.58 at the time of publication. So far, however, this event has not had the expected positive effect. Against the backdrop of a 50 percent drop in production, miners will face a sharp decline in profitability.
Under current market conditions, only new Asics will be able to bring real profits. In most countries due to high electricity prices will be unprofitable all models below the level of AntMiner L3.
Pool representatives expect that if the rate doesn’t go up, many miners, not wanting to continue to work at a loss, will simply unplug their equipment from the network.
Earlier we also reported that miners have already mined 17.85 million bitcoins, which is 85% of their maximum possible amount.