Merge for the last few weeks. Interestingly, LTC may have actually benefited from the Merge from a hashrate perspective.
An inspection of Litecoin’s hash rate reveals a sharp uptick in the first 10 days of September. Its hash rate grew from as low as 390.93 TH/S on 31 August and peaked at 527 TH/S on 9 September.The timing of Litecoin’s hash rate spike aligns with the miner exodus from Ethereum. Some of the miners may have flowed into LTC miner pools during this time, thus the sudden hash rate boost.Although the rise in hashrate represented an inflow of miners, it wasn’t linked to the Merge.
The April-June market crash may have also pushed prices so low that many miners were out of profit. Thus, it made sense for miners to halt operations if their costs outweighed their mining revenue. Furthermore, Litecoin’s hashrate gradually recovered in the last three months as crypto prices also enjoyed some recovery.Litecoin’s hashrate also registered a sharp drop in the last five days. This aligned with LTC’s price drop since this period but a 10% drop is hardly enough to warrant a major hashrate change. The only way such an outcome makes sense is if an increased miner count resulted in more sensitivity to price changes.
An opposite outcome where trading volume was high would support more miner profitability even with a slight increase in the number of miners. Higher LTC prices would thus boost miner profitability.Subscribe to get it daily in your inbox.
No? Eth mining hardware can not be used to mine ltc
Interesting point Litecoin $LTC Let's read it