Litecoin's hashrate in the Binance mining pool fell by 50%: what does this mean for the price of LTC
Date: 2023-07-30 Author: Karina Ziganova Categories: BLOCKCHAIN, IN WORLD
Since the beginning of the year, the Litecoin hashrate in the Binance mining pool has fallen by more than 50% - from 69 to 28 terahashes per second (TH/s).
As a result, Binance Pool's dominance in LTC mining has significantly decreased, and its place in the world ranking has fallen to seventh. Currently, the pool accounts for only 3.6% of the total hashrate of the Litecoin network, despite support from the world's largest cryptocurrency exchange, Binance.
Mining pools Poolin, F2Pool and viaBTC, on the contrary, rose in the ranking. At the moment, viaBTC controls 33% of the Litecoin hashrate, while F2Pool and Antpool occupy 17.2 and 13% of the market, respectively.
The reasons for this sharp drop remain unclear. The choice of miners could be influenced by the legal problems that Binance faced in different countries, in particular in the United States. Recall that the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) accuse the exchange and its CEO Changpeng Zhao of violating securities laws.
Litecoin halving is just around the corner
Currently, the total hashrate of Litecoin is around 780 TH/s, and the daily reward for miners is 7200 LTC. However, in a few days it will be halved during the third halving. In the future, this may encourage miners to upgrade equipment and switch to installations with a higher hashrate.
On the eve of the halving, analysts and crypto enthusiasts are speculating about the price dynamics of LTC. Technical analysis of the daily timeframe shows that the key resistance is at $115. At the moment, the asset is trading 23% below it.
However, historical data hints that the current rally has come to an end, as Litecoin was in a downtrend during the halving of 2015 and 2019. If the situation repeats itself this time, LTC has probably already reached a local maximum and has moved to a decline
