All eyes are on the next Litecoin halving, slated to take place tomorrow August 2nd, 2023. As the moment approaches, anticipation is building around how slashing the mining reward will impact the cryptocurrency called silver to Bitcoin as digital gold.
A Quick Litecoin Halving Primer
Litecoin burst onto the scene in 2011 as one of the earliest alternative cryptocurrencies. It mirrors Bitcoin in many ways but stands apart with its speedier block generation time of 2.5 minutes versus Bitcoin’s 10 minutes. This allows for faster and cheaper transactions, making Litecoin better suited for everyday spending.
Other defining features include its 84 million maximum supply, the Scrypt mining algorithm, and an active developer community improving the network. Over a decade old now, Litecoin has firmly cemented its status as one of the top liquid cryptocurrency options.
Like Bitcoin, Litecoin has a fixed supply and employs block reward halvings to control inflation. Miners currently receive 12.
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