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Litecoin (LTC) Network Sets Big Milestone: Details

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Tue, 31/10/2023 - 16:25
Litecoin (LTC) Network Sets Big Milestone: Details
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Litecoin has attained a remarkable milestone by setting a new record in its network hashrate. The Litecoin Foundation took to X to excitedly announce the milestone reached.

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LTC has set a new ATH in its network hashrate, an indicator of the overall security of a blockchain network. Mining hashrate is a key security metric. This is because the more hashing (computing) power in the network, the greater its security and its overall resistance to attack.

August 2014 saw the Litecoin hashrate hit just 1 TH/s. Four years later, in August 2018, the hashrate reached 250 TH/s. By August 2022, Litecoin hashrate had doubled to 500 TH/s. As of August this year, the LTC hashrate had increased to over 750 TH/s.Currently, the hashrate has set new all-time highs of 1.1 PH/s.

Earlier in October, Litecoin marked its 12th anniversary, celebrating 12 years of zero downtime. During this period, the Litecoin network hit the milestone of 180 million transactions, highlighting an increase in its usage and growing adoption on the market.

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Litecoin (LTC) Payments Surge 50% as Network Reaches New Milestone

Despite the remarkable milestones hit by the blockchain, Litecoin's price has consolidated in a range since August. Bulls' attempts to break out of the range met an impediment at the $72.45 level on Oct. 24.

The Litecoin price reversed its gains and was down on a daily and weekly basis to $69.44.

In the past week, on Oct. 27, on-chain analytics firm Santiment reported that LTC's address activity and whale transactions spiked, hitting levels previously seen in June 2023.

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