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Litecoin’s third halving event occurred on August 2, causing the altcoin’s mining rewards to reduce to 6.25 LTC per block.
As its name suggests, crypto halving is a mechanism that halves the rewards earned by validating transactions via mining. Halving events serve as a means to counter the inflation of a cryptocurrency by limiting its supply. This mechanism is programmed into the source code of many popular blockchains, including Bitcoin (BTC), Litecoin (LTC), and Bitcoin Cash (BCH), among others.
#Litecoin halving has been completed successfully, with the block reward reduced from 12.5 LTC to 6.25 LTC.
— Loretta Crypto (@LorettaKrypto) August 2, 2023
Let the pump begin pls😤🤣
Litcoin undergoes a halving event once miners finish mining 840,000 blocks, which typically happens every four years. As reported by blockchain explorer Litecoin Space, Litecoin’s third halving event occurred at 3:16 PM UTC once the LTC network hit a block height of 2,520,000.
Despite this landmark event, Litecoin's prices have been on a steady downtrend over the past couple of days. LTC is currently valued at $87.44, down by 6.1% over the last 24 hours.