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The Litecoin (LTC) hashrate has more than doubled within one year as the computational power of the network soared by 117%. As highlighted by the Litecoin Foundation, within the last 365 days, the LTC hashrate has been 1.7PH/s. By now, it has scaled to 3.7PH/s.
Litecoin network security now strengthened
For context, the computational power securing a network is measured in petahashes per second. Hence, a higher hashrate implies that the network is more secure at this moment compared to one year ago, when Litecoin was celebrating the 1.7PH/s achievement as a huge milestone.
Notably, in proof-of-work blockchains like Litecoin, the security of the network depends on how much total mining power is deployed to verify transactions. The higher the hashrate, the more difficult it is for an attacker to compromise the network.
This indicates that the new 3.7 PH/s attained by Litecoin will make it harder for malicious actors to take over the network or manipulate transactions. This hashrate expansion signals sustained infrastructure development within the network.
It indicates that there is increased mining participation aimed at boosting network security against attacks.
As per Litecoin Foundation, the mining difficulty has also soared to 118.2 million from the 49.3 million it was at a year ago. This more than 2.4x increase is very significant and bullish for Litecoin’s network health and security.
Generally, an increase in difficulty indicates that miners have invested in massive new hardware, with higher figures suggesting stronger network security.
This is because, for an attacker to take over the network or control more hashrates, the cost of energy needed could discourage malicious actors.
The development also suggests that miners are betting heavily on the long-term future of Litecoin — even though the price outlook has been experiencing slow growth. LTC has recorded a significant sell-off in recent times, and this has impacted its price.
Litecoin’s price action lags behind strong fundamentals
Litecoin has continued to experience downward movement as sellers push the price back and prevent an increase above the psychological $100 level. In the last seven days, LTC has suffered a decline of 8.11% and is underperforming relative to the broader crypto market.
As of press time, Litecoin was changing hands at $93.56, which represents a 2.2% decrease in the last 24 hours. The coin had previously attempted a rebound as it climbed from a low of $92.46 to peak at $97.35 before facing a rejection.
The altcoin has also registered low trading volume, with values dropping by 35.18% to $615.11 million within the same period. This and the shift of capital to other assets like Zcash have kept LTC below $100.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team