What is block halving?
Block halving is the process of reducing the rate at which new cryptocurrency units are generated. In particular, this refers to periodic halving events that reduce the block reward provided to miners.
Why is halving important?
A fundamental component of cryptocurrency economic models is halving, as it ensures that coins are issued steadily and at a predetermined rate of degradation. One of the key differences between cryptocurrencies and conventional fiat currencies, whose supply is virtually unlimited, is the limited level of monetary inflation.
How many Litecoin halves have already taken place?
The first halving took place on August 25, 2015, when the reward per block was reduced from 50 LTC to 25 LTC. The second halving took place on August 5, 2019, and the reward decreased to 12.5 LTC per block.
According to Litecoin’s blockchain program, the third halving should occur when 1,680,000 blocks are reached, and the reward will again be halved. The fourth halving will take place when 2,520,000 blocks are reached.
How does Litecoin block halving work?
Block halving Litecoin is an automatic function built into the Litecoin protocol that reduces the reward for mining new blocks. The basic principle of halving is to reduce the number of coins a miner receives for creating a new block.
According to the Litecoin protocol, halving occurs when a certain number of blocks is reached. The specific number of blocks required for halving is predefined in the Litecoin network. At the time of my knowledge update, these numbers were 840,000 blocks.
When the set threshold of blocks is reached, halving automatically occurs. After halving, the reward for creating a new block is reduced by half. For example, if before halving the reward was 25 LTC per block, after halving it will be reduced to 12.5 LTC per block.
Detailed information about Litecoin
|Total number of LTCs in circulation||72,948,077|
|Total number of LTCs that will ever be created||84,000,000|
|Percentage of LTC produced||87%|
|Market capitalization of LTC(USD)||$6,68 B USD|
|LTCs created every day||12.5 LTC|
|Approximate time of block creation||2.5 Min.|
LTC halving table
|Halving||Date||Complexity.||Number of blocks||Award||Price.|