As the halving clock is restarted for another four years, Litecoin block rewards have now been cut in half to 6.25 LTC.
Block rewards have been successfully reduced to 6.25 Litecoin per block as a result of the eagerly awaited Litecoin halving event. The automated halving procedure for the Litecoin blockchain took place at block 2,520,000 on August 2.
In preparation for the subsequent halving in about four years, miners are currently receiving half the benefits they were previously receiving. In his response to the various countdown timers, founder Charlie Lee noted that the NiceHash timing appeared to be the most precise. Despite these inconsistencies, every source concurred that the important event took place on August 2nd.
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Related: Litecoin Halving Looming, But LTC Price Remains Flat
Litecoin Faces Price Down Trending
Litecoin prices have been on the decline since early July, when they peaked over $110, a level not seen since April 2022, amid the euphoria surrounding the halving. The “silver to Bitcoin’s gold” is currently trading about $92, barely moving over the past two weeks.
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!
— Charlie Lee Ⓜ️🕸️ (@SatoshiLite) August 1, 2023
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
Litecoin continues to keep its place as the 12th largest cryptocurrency by market capitalization, boasting $6.8 billion, with a daily trading volume of over $1.14 billion, as investors closely monitor the effect of the price halving on the cryptocurrency.
Expansion of Crypto Payments in Africa and Latin America
BitPay, a prominent participant in the processing of cryptocurrency payments, has observed a considerable increase in its user base in Africa as businesses and consumers embrace cryptocurrencies as a substitute for conventional banking systems. A significant market for BitPay’s services is in Africa.
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Additionally, the business anticipates a surge in activity from Latin American clients and merchants over the following several years, pointing to a growing trend towards the adoption of cryptocurrencies in the region. The halving event for Litecoin is a turning point in the history of its blockchain, and the cryptocurrency world is interested to see how the reduced block rewards will affect its course in the future.
Related: Bitfinex partnership pushes crypto adoption in Latin America