Litecoin, also known as Bitcoin sidechain, has seen a huge growth in the hash rate since October 2017. The current hash rate is 238 Terahash, which exceeds 750% over the same date last year . The increasing adoption of cryptocurrencies is one of the main contributing factors.
Litecoin uses the Scrypt algorithm instead of SHA 256 which is used by Bitcoin. The Scrypt algorithm makes Litecoin faster to dig than Bitcoin. A Litecoin block is extracted in 2.5 minutes. Currently, Litecoin's blockchain size is 20 GB, which is 10 times less than Bitcoin and 8 times lower than Bitcoin Cash.
Combined with less difficulty than Litecoin, more and more miners prefer to extract Litecoin, moreover, the combined extraction of Litecoin and Dogecoin, which allows Dogecoin to be extracted side by side with Litecoin, ends up encouraging miners more.
Litecoin Hashrate Bottomed out for now?
The hashish rate of Litecoin exceeded 300 hash of Tera in June 2018, but then declined slowly and is now considerably included in the 250-275 TeraHash range. Because of the stabilization of the cryptomers and improvements in ASIC hardware, the GPU miners are moving from Litecoin and are extracting new tokens that are easier to extract.
The next bull run should probably change it, as Litecoin's mines would return to profitability. The Litecoin team is constantly striving to improve mining efficiency and the size of the transaction. The last update of the Litecoin core would make Litecoin transactions cheaper than Bitcoin Cash.
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