Litecoin, the popular cryptocurrency known as “the silver to Bitcoin’s gold,” has successfully completed its halving event, reducing block rewards to 6.25 LTC.
This milestone was achieved as the Litecoin blockchain underwent an automated halving procedure at block 2,520,000 on August 2.
With this halving, LTC miners will now receive half the rewards, setting the clock for the next halving in approximately four years. Despite discrepancies in halving countdown timers, all sources agreed on the significant event date.
Litecoin's third HALVING is just hours away. The block reward will automatically adjust from 12.5 to 6.25 $LTC – thus making Litecoin a predictable monetary supply and a deflationary currency.
Litecoin ⚡ Sound Money. pic.twitter.com/9h1rh4f0vi
— Litecoin (@litecoin) August 1, 2023
However, following the halving, LTC prices experienced a slight downtrend, currently hovering around $86.75, after briefly surpassing $110 in early July, reaching levels not seen since April 2022.
In contrast to the price fluctuations, Litecoin has witnessed increased adoption as a payment method.
This is funny. I googled "Litecoin Block Halving Countdown" and checked the first 4 hits. The ETA for the halving is all over the map!
From my quick calculation, I believe NiceHash's countdown is the most accurate. I expect the halving to occur in about a 1 day, 2 hours, and 30… pic.twitter.com/7lvOKCtiOh
— Charlie Lee Ⓜ️🕸️ (@SatoshiLite) August 1, 2023
BitPay CEO, Stephen Pair, shared that Litecoin and Bitcoin Lightning payments had their best months in recent history on the global payments platform.
As the cryptocurrency landscape continues to evolve, Litecoin’s halving and expanding adoption signify its ongoing relevance in the digital asset market.
