LTC Halving means Litecoin block rewards are halved. Halving times are an event that LTC traders follow closely.
What is LTC Halving?
Litecoin Halving is an important event watched by top Litecoin traders. During this event, Litecoin’s block rewards are reduced by 50 percent. Block rewards are the benefits LTC miners get from keeping the blockchain network up and running. Currently, each block rewards the miner with 12.5 LTC. After the halving, miners will instead receive half that, or 6.25 LTC.
How Does Halving Work?
You do not need to do anything to participate in the halving. All developments happen spontaneously within the network. A blockchain is an interconnected string of information in which information is grouped into packets called blocks.
The end of a block forms the basis of a new block. This series is run by miners who are rewarded in the local currency of the blockchain. The 2023 halving event is automated and will occur when the 2,520,000th block is created. Currently, there are only 2,476,218 blocks on the Litecoin blockchain.
When Is Litecoin Halving?
The next Litecoin Halving will take place on August 2, 2023. The last halving event occurred in 2019, and the LTC price has increased by almost 300 percent since then. It rose as high as $410 during the 2021 bull run and halvingprovided a return of 1300 percent to the investors before.
Countdown to LTC Halving:
Will LTC price increase after halving?
According to some crypto experts, Litecoin usually doubles in price just before a halving. After the event, we can see Litecoin rise up to 300 percent. So why? When miners receive fewer rewards, they release fewer coins into circulation, thus allowing the coin price to rise due to naturally increasing scarcity.
If you are interested in taking advantage of Litecoin’s price increase after the halving, you should buy some Litecoin just before the halving. LTC is showing bullish signs before the halving as it is already up 14% from last week.
