- Litecoin’s network hashrate has reached a historic all-time high of 1.1 PH/s, showcasing unparalleled security and resilience against potential attacks.
- Celebrating its 12th anniversary with zero downtime, the Litecoin network also marked the completion of 180 million transactions, indicating rising adoption and consistent usage.
Litecoin, a veteran in the cryptocurrency space, has recently celebrated its 12th birthday, a journey marked by stability and innovation. This October, the network had more reasons to celebrate as it achieved a significant milestone, setting a new record in network hashrate, announced with enthusiasm by the Litecoin Foundation.
A Decade of Growth: Understanding Hashrate’s Role in Network Security
Hashrate is a crucial metric in understanding the security dynamics of a blockchain network. It represents the total computational power being used to mine and process transactions on the network. In simpler terms, the higher the hashrate, the more secure and resistant to attacks the network is.
Tracing back to August 2014, Litecoin’s network hashrate was merely at 1 TH/s. Fast forward four years to August 2018, it had surged to 250 TH/s. The growth trajectory continued, with the hashrate doubling to 500 TH/s by August 2022. Fast forward to the present day, and the Litecoin network is boasting a staggering hashrate of over 1.1 PH/s, setting a new all-time high and solidifying its position as a secure and resilient blockchain network.
12 Years of Unbroken Service: A Testament to Litecoin’s Stability
In the earlier part of October, the Litecoin community commemorated the network’s 12th anniversary, celebrating a remarkable period of zero downtime. In these dozen years, the network has processed over 180 million transactions, a clear testament to its growing adoption and consistent usage.
Despite these impressive milestones, the Litecoin market price has experienced consolidation, remaining in a range since August. Attempts by bulls to propel the price out of this range encountered resistance at $72.45 on October 24, resulting in a retracement to $69.44, as observed on both daily and weekly charts.
Adding to the network’s vibrancy, on-chain analytics firm Santiment reported on October 27 a noticeable spike in Litecoin’s address activity and whale transactions, reaching levels akin to those observed in June 2023. This uptick is a clear indicator of increased engagement and interest in the Litecoin network, further underlining its vitality in the current crypto landscape.