The Litecoin network has reached a new milestone of minting 60 Million coins into the circulating supply. As of January 12th on the Block #1560000, the 60th Million LTC has been successfully mined.
According to the data from LitecoinBlockHalf around 71.5% of the total supply of LTC which is 84 Million has already been mined. Blockmanity recently reported about the US-based exchange Coinbase holding around 25% of the total circulating supply of Litecoin.
3 Million More to go Until Halvening (207 more days to go!)
The Block reward in Litecoin is set to be reduced in half from 25 LTC to 12.5 LTC this August. The Block rewards cuts in half after every 840,000 Blocks, it will take place in August after 75% of the total supply is mined or after 3 Million more coins are mined.
Litecoin.com also estimates the time taken to reach 70 Million in supply.
“It also means since Litecoin is deflationary we wont see the 70M milestone until approximately 1330 more days have passed, or sometime in mid 2022.”
The reduction in Block reward reduces the supply of a coin which reduces the selling pressure on that coin. The Block reward for Ethereum will also be reduced by 33% (from 3 ETH to 2 ETH) after the Constantinople hard fork upgrade set to happen on 16th of January.
Litecoin has been on the limelight recently by being the main sponsor for the UFC 232, Litecoin’s logo was featured in the octagon.
— Charlie Lee [LTC⚡] (@SatoshiLite) December 30, 2018
Litecoin (LTC) is the 8th largest Cryptocurrency with a market cap of $1.94 Billion, it is currently trading at $32.4.
Did you like the news you just read? Please leave a feedback to help us serve you better