Litecoin halving reduces block reward to 6.25 LTC

On Wednesday, August 2, the Litecoin (LTC) network halved the reward for mined blocks, from 12.5 LTC to 6.25 LTC.

Today is an important day for Litecoin! As it goes through its third halving, we’d like to remind everyone of the need for sound money. Today is a good day to reflect on the benefits a fair and diverse finance system can give to individuals and the economy. pic.twitter.com/f8jm5HqSUq

— Litecoin Foundation ⚡️ (@LTCFoundation) August 2, 2023

The halving occurred at block 2,520,000. The next halving is expected in four years — around July 30, 2027 — which will reduce the block reward to 3.125 LTC, making ‘digital silver’ even scarcer.

According to litecoinblockhalf, at the time of writing 87.5% of Litecoin’s total supply had been mined. The current inflation rate of the coin stands at 1.8%, and in four years it is expected to fall to roughly 0.84%.

Litecoin prices after the halving failed to hold above the $90 level. At the time of writing, the cryptocurrency’s market capitalization stood at $6.5 billion, according to CoinGecko.

The first halving in the Litecoin network occurred on August 25, 2015 at block 840,000. The reward dropped from 50 LTC to 25 LTC.

The second halving occurred on August 5, 2019 at block 1,680,000. Since then miners have received 12.5 LTC per block.

From June 10 to 17, the number of new addresses on the Litecoin network increased by 54.6%, surpassing 300,000. In the run-up to the halving, active wallets also rose — by 28%, to 400,000.

In late June, the price of Litecoin for the day jumped by 17% on the back of a peak hash rate. In early July, the cryptocurrency’s quotes rose above $110 for the first time since April 2022.