Litecoin completes third halving event

Litecoin, a proof-of-work-based blockchain, executed its third halving event on Wednesday, reducing miner rewards from 12.5 to 6.25 Litecoins per block.

See related article: Weekly Market Wrap: Bitcoin falls below key US$30,000 support level, as market optimism over ETFs ebbs

Fast facts

• Litecoin price fell 3.86% US$89.16, in the 24 hours leading up to 11:15 p.m. in Hong Kong.
• Like Bitcoin, block halving events on Litecoin happen every four years. Litecoin had a market capitalization of US$6.54 billion at 11:15 p.m. in Hong Kong, making it the 11th largest cryptocurrency.

LITECOIN HAS SUCCESSFULLY HALVED ITS BLOCK REWARD!

⚡ $LTC ⚡ pic.twitter.com/iemCnkPsdu

— Litecoin (@litecoin) August 2, 2023

• Litecoin’s halving event comes before Bitcoin’s own halving, which is expected to occur in April 2024. Historically, each four-year Bitcoin halving cycles included all-time highs in prices.
• Litecoin launched in October 2011 with 50 LTC as initial block rewards. The network’s last halving is estimated to take plac in 2142.
• Litecoin miners have mined 87% of the network’s 84 million total coins, according to CoinMarketCap.

See related article: Crypto’s latest inflection point an opportunity for Asia to lead, says Circle’s Yam Ki Chan