Mining

Litecoin’s Hashrate Plunges

from Trust Nodes 4 years ago 0 0 1027

Litecoin’s hashrate has fallen by some 70% from 520 terahashes in July to now just 150 terahashes.

The currency saw a halvening during summer when its price reached around $150. That price has seen a two-thirdning, down to now below $50.

Litecoin’s price has fallen by some 90% since its peak in December 2017 when it reached nearly $400.

Interestingly its hashrate back then was only 100 terahashes, with it rising and rising even as price fell and fell to a recent low of around $20.

Since then price and hash rose in anticipation of the halvening, but soon after both fell.

One reason for the considerable increase in hash is because of new far more powerful asics.

So it’s rise might have been less due to new people joining the litecoin mining network or due to more asics being added, but due to asics gear being “upgraded.”

Now it appears miners can’t quite afford to keep running this gear, with the 70% hash drop making a 51% attack pretty easy.

Litecoin however has specialized asics, unlike ethereum which runs on gpus, so miners would be attacking themselves.

Meaning such attack is unlikely with the difficulty adjustments keeping the network running as always, but with now lower security because the asset is less valuable than previously.