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Litecoin (LTC) Thanks Power Partner Dogecoin (DOGE) as Mining Hashrate Hits ATH

Fri, 02/17/2023 - 11:45
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Tomiwabold Olajide
Litecoin thanked Dogecoin community in its tweet
Litecoin (LTC) Thanks Power Partner Dogecoin (DOGE) as Mining Hashrate Hits ATH
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Litecoin has announced on its official Twitter account a new milestone for the network. The mining hashrate, which is the measure of the computational power per second used when mining, has set a new record high of well over 850 TH/s.

Excited by the new achievement, Litecoin thanked the Dogecoin community in a tweet:

"Litecoin's mining hashrate has hit an all-time high, well over 850 TH/s. That's a proof of work of 850,000,000,000,000 hashes performed every second by the Litecoin network. Thanks in part to our friends at Dogecoin, who are mining together with us to secure both networks."

Dubbed a "Power couple," Dogecoin and Litecoin use Scrypt, a less-complicated hashing algorithm than SHA-256. As a result, mining Litecoin and Dogecoin is more efficient and faster than mining Bitcoin.

Dogecoin and Litecoin mining can also be "merged mined," which means that both coins can be produced simultaneously without affecting mining efficiency, thanks to the usage of a single algorithm.

Because Dogecoin was modeled after Luckycoin, which in turn was based on Litecoin, the two have a shared algorithm.

DOGE Core Developer Refutes Rumors About Transition of Dogecoin to POS

Last year, speculation that Dogecoin could shift to proof of stake surfaced after a statement made by Ethereum co-founder Vitalik Buterin after the ETH merge. The rumors have been dispelled by Dogecoin developers, who stated that there were no plans to move Dogecoin to POS.

In other news, Bitmain, a leading manufacturer of cryptocurrency mining servers under the brand Antminer, will host a Twitter space entitled "LTC & Doge: Will the power couple continue to ride the wave?" with a $128,000 coupon as a giveaway.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.