Litecoin Network Hits 1.1 PetaHash with Low Transaction Fees

• Litecoin’s hashrate reached 1.1 PetaHash per second, processing millions of transactions with minimal fees.
• Litecoin miners’ reserves have decreased by 29%, reaching their lowest level in recent years due to the recent halving.

In a recent tweet, Litecoin highlighted notable milestones for blockchain enthusiasts. According to the most recent data, the Litecoin network’s total aggregate processing power (hashrate) has surpassed 1.1 PetaHash per second (PH/s).

Network Check: #Litecoin’s total combined computational power (hashrate) is currently 1.1 PetaHash/s! Processing hundreds of thousands of transactions to move 52,376,152 LTC in the past 24hrs! Billions in volume with transaction fees less than a penny. What’s in your wallet?… pic.twitter.com/PclqpMBqYK

— Litecoin (@litecoin) July 10, 2024

Litecoin: Impressive Hashrate and Low Transaction Costs

Over the last 24 hours, the network has handled hundreds of thousands of transactions, totaling 52,376,152 LTC. Despite the massive transaction volume worth billions of dollars, transaction costs remain astonishingly cheap, at less than one cent per transaction.

Following these developments, LTC’s price has risen by 1.45% over the last 24 hours, hovering around $68.20 with a $268.28 million trading volume.

Litecoin reached more than 12 million transactions, beating the lifetime totals of numerous other blockchains. Although Litecoin’s name may not be very popular in the cryptocurrency market, it stands out in the blockchain arena.

Furthermore, the Litecoin project plans to hold the Litecoin Summit 2024 in Nashville, Tennessee, on July 24–25. This summit is anticipated to bring together enthusiasts, developers, and investors to discuss and celebrate Litecoin’s development and future potential. The event promises to be a watershed moment for the Litecoin community and the broader blockchain ecosystem.

On the other hand, CNF reported a few days ago that Litecoin miners reserves had decreased to their lowest point in previous years, reaching 1.61 million LTC ($120 million), or a 29% decrease. This reduction is linked to the 2023 halving event, which has had an impact on miners earnings and reserves.

The decrease in supply is an important component of the network’s economics, influencing both the mining community and the general market dynamics.

Looking ahead, the next Litecoin halving is expected in 2027, when mining payouts will be reduced from 6.25 LTC to 3.125 LTC per block. This imminent halving is expected to have a big impact on the network’s supply and mining activity, making it a key event to monitor in the cryptocurrency landscape.

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