The Litecoin halving cycle is pre-set in the LTC protocol to keep mining in check; it occurs on a schedule every 840,000 blocks. Now we are going for the third halving.
HISTORY OF LTC HALVING
Litecoin mining initially started on the Genesis Block on October 7, 2011 at 7:31:05 AM GMT with a 50 LTC Block Reward.
- The first halving occurred at Block 840,000 on August 25, 2015, at 10:58:50 PM GMT, and the mining reward was decreased to 25 LTC per block.
- The second halving occurred at Block 1,680,000 on August 5, 2019 at 10:16:10 AM GMT, and the mining reward was decreased to 12.5 LTC per block.
READY FOR THE THIRD HALVING
- Litecoin is about to reach its third halving cycle at Block 2,520,000. The projected time of the third halving is Wednesday, August 2, 2023, at 05:15:09 AM GMT or 05:32:36 PM UTC.
- After halving, the Block Reward will reduce to 6.25 LTC per block. As the time for the halving draws near, miners are increasingly trying to mine enough before the reward halving.
IMPORTANCE OF LTC HALVING
Protocol Protection - The purpose of the LTC Halving Protocol is to increase LTC value by halving the mining reward and reducing the supply in the market.
- The protocol point is doubtful because LTC was devalued more than 75% after the previous halving as its demand was reduced.
- Nevertheless, this Litecoin halving is considered a precursor to understanding the result of the Bitcoin halving, which is going to happen on April 24 next year.
