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Renowned cryptocurrency Litecoin ($LTC), the "digital silver" and most successful Bitcoin ($BTC) fork, is gearing up for its eagerly anticipated third halving event. Deemed as one of the most crucial events of 2023 for proof-of-work (PoW) cryptocurrency enthusiasts, traders and investors, the Litecoin ($LTC) halving signals a pivotal moment for the coin's price, technology and road map.
Scheduled to occur on Aug. 2, 2023, Litecoin's halving will witness the emission of the cryptocurrency reduced by 50%. Presently, Litecoin ($LTC) miners are rewarded with 12.5 Litecoins ($LTC) per block, a reward that will be slashed to 6.25 $LTC post-halving. Following the halving, owners of Litecoin ($LTC) mining rigs will earn $607.8 every 2.5 minutes at current prices.
Historically, halving events typically instigate a bullish cycle for not only the primary cryptocurrency but also for the major altcoins. The anticipation of Litecoin's ($LTC) halving has already induced a double-digit surge in the prices of Litecoin ($LTC), Bitcoin Cash (BCH), Bitcoin Cash ABC (XEC) and other Bitcoin-like cryptocurrencies.
Introduced by Charlie Lee, a former Google engineer and early Bitcoiner, in October 2011, Litecoin ($LTC) has had an illustrious run. The cryptocurrency, capped at 84 million coins, implemented a merge-mining system with Dogecoin (DOGE) in 2014, sharing the same computational equipment for mining.
In 2022, Litecoin ($LTC) rolled out a pivotal upgrade called MimbleWimble, or MWEB. This soft fork enabled certain Litecoin ($LTC) transactions to be processed privately. Moreover, in 2023, Litecoin ($LTC) activated support for commercial Lightning Network (LN) channels and added support for Bitcoin Ordinals, a subclass of primitive NFTs on the Bitcoin ($BTC) blockchain.
In proof-of-work (PoW) cryptocurrencies, halvings are among the backbone elements of the tokenomics design. They not only motivate miners but also ensure scarcity of coins and trigger cryptocurrency cycles. Litecoin's ($LTC) halving, therefore, is set to open a new epoch in the coin's history.