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The Litecoin halving event has taken place, resulting in block rewards being reduced to 6.25 Litecoin per block.
On August 2, the Litecoin blockchain underwent its scheduled halving process at block 2,520,000. Miners of Litecoin (LTC) are now receiving half the rewards, and the countdown has begun for the next halving, expected in approximately four years.
Litecoin’s creator, Charlie Lee, remarked on the variations among different halving countdown timers, indicating that the one from NiceHash was the most precise. Nonetheless, all timers concurred on the date of August 2.
This is amusing. I searched for "Litecoin Block Halving Countdown" and reviewed the first four results. The estimated time for the halving varies significantly!
Based on my quick calculations, I believe NiceHash’s countdown is the most reliable. I anticipate the halving to happen in about 1 day, 2 hours, and 30… pic.twitter.com/7lvOKCtiOh— Charlie Lee Ⓜ️️ (@SatoshiLite) August 1, 2023
Additionally, LTC prices have been on a downward trend since early July, when they reached over $110 for the first time since April 2022. The cryptocurrency, often referred to as the silver to Bitcoin’s gold, is currently trading around the $92 mark, consistent with its position two weeks ago.
Litecoin’s third HALVING is just hours away. The block reward will automatically decrease from 12.5 to 6.25 $LTC – thereby establishing Litecoin as a predictable monetary supply and a deflationary currency.
Litecoin ⚡ Sound Money. pic.twitter.com/9h1rh4f0vi— Litecoin (@litecoin) August 1, 2023
Regarding the use of Litecoin for payments, BitPay CEO Stephen Pair informed Cointelegraph that both Litecoin and Bitcoin Lightning payments experienced their strongest months in recent history on the global payments platform.
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As of June, LTC has overtaken Bitcoin (BTC) as the preferred cryptocurrency for transactions on BitPay, making up 35% of all transactions. BitPay reports having processed 57,949 crypto-related transactions in the last 30 days.
BitPay payments by crypto asset. Source: BitPay
Litecoin ranks as the 12th-largest cryptocurrency by market capitalization, valued at $6.8 billion, with a daily trading volume of approximately $1.14 billion.
Currently, there are 73.5 million LTC in circulation out of a total supply cap of 84 million.
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