Litecoin Undergoes 3rd Halving
The Litecoin network, created in 2011 as a fork of the Bitcoin network, underwent a halving event on Wednesday afternoon that cut the rate of new LTC coins being issued into circulation by exactly half.
Halving is a process where the per block reward provided to miners on a cryptocurrency network for verifying transactions and adding blocks to the blockchain is cut in half. Halving is a feature implemented in blockchains such as Bitcoin or Litecoin that takes place approximately every four years and reduces the reward for mining a new block. As of 2019, approximately 7,200 new LTCs were being issued into circulation on the Litecoin blockchain every day but that number was reduced to 3,600 LTCs per day after Wednesday’s halving.
Litecoin initially rewarded miners with a bounty of 50 LTC for every block mined. Since then, mining rewards have been reduced twice, first to 25 LTC on August 25, 2015, and then to 12.5 LTC on August 5, 2019. Wednesday’s halving, the third in a row, reduced the reward per block on the Litecoin network from 12.5 LTC to a new 6.25 LTC per block.
The halving on the Litecoin network took place after the block with serial number 2,520,000 was mined. This block was mined at 17:06 CET and contained a total of 568 transactions.
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