Halving is a term common among cryptocurrency miners – the process sees the reduction of mining rewards of cryptocurrencies slashed by 50 percent.
Litecoin which runs on the same base code as Bitcoin halves its mining rewards every four years.
The next halving of the Litecoin network is expected to take place on August 05, 2019. Below are the statistics miners need to keep in mind before the next halving.
Total Litecoins in circulation: 57,767,425
Total Litecoins to ever be produced: 84,000,000
Percentage of total Litecoins mined: 68.77%
Total Litecoins left to mine: 26,232,575
Total Litecoins left to mine until next block-half: 5,232,575
Reward-Drop ETA date: 06 Aug 2019 23:14:39
Details of the first Litecoin halving
The first ever Litecoin halving took place on August 25, 2015 when the network reached 840,000 blocks; which takes roughly 4 years to reach.
When Litecoin reached 840,000 blocks, Litecoin halved its rewards for mining blocks, and began rewarding miners 25 coins rather than the original 50 new coins for solving a blocks.
When the first halving took place, Litecoin was trading at a rate of 1 LTC to $3 from where it has come a long way since.
The total Litecoins mined when the first block reward halving happened was 42 million and has continued since then, however, when the next halving occurs there will be 21 million more LTC mined.
After the halving, Litecoin Foundation explained that the halving process isn’t expected to happen only once, but the process would be repeated after every four years as in Bitcoin.
There were a lot of concerns about the first halving as it did not bring any remarkable rise in the value of Litecoin.
However, Litecoin lived through the much-dreaded mining process, experiencing more growth in the long – run than it did before the halving took place.
Just a quick fact, before the first halving, the 840,000th block was mined by F2Pool, also known as Discus Fish.
Reason for the Litecoin halving
The high cost of specialized mining equipment and constant electricity bills miners incur; one would think that halving block rewards would stop miners from miner and consequently reduce the mining difficulty of the digital asset.
One major reason Litecoin and other cryptocurrencies halve their block rewards is to keep the activities of miners in check as the cryptocurrency grows over time.
Although the income of miners falls by 50 percent whenever it happens, the inflation of the cryptocurrency from the time of the last halving to the next should balance out (in theory at least).
When Litecoin last halves its block rewards 1 LTC = $3, as at the time of this writing, the same coin is valued at around $65.
Some analysts have predicted that Litecoin would record significant growth after it halves its block rewards again while other see the coin declining.
However, there is no cutout way to actually predict what will happen after Litecoin halves its block in 2019, but we know that Litecoin will continue to be used after the process.