According to on-chain statistics as of July 25, the hash rate devoted to the Litecoin network for mining via #Binance Pool, a platform focused on increasing miners' revenue, has dropped by more than 50% in the previous seven months.
In cryptocurrency mining, hash rate is the total computer power directed toward a proof-of-work network such as Bitcoin, Litecoin, or Monero.
For security, decentralization, and transaction confirmation, these public networks depend on miners spread throughout the world.
Binance Pool #Litecoin Hash Rate Drops by 50%
Binance Pool is now allocating roughly 28 TH/s of hash power to the Litecoin network, a reduction from the January 2023 average of around 69 TH/s. As a result, Binance Pool has lost its position as one of the leading Litecoin mining pools as of July 2023.
Binance Pool is rated seventh in the Litecoin mining pool scene as of July 25, accounting for around 3.6% of total hash rate share.
In contrast, rivals such as Poolin, F2Pool, and viaBTC have higher ranks, demonstrating that, despite the fact that Binance Pool is supported by Binance, the world's biggest crypto exchange, miners are choosing for other pools, some of which were among the first in the world.
At the present, it is not possible to determine what the reason is. Nevertheless, Binance is facing legal difficulties in a number of nations, including the United States.
The Commodities Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) have sued the exchange, accusing them of breaking securities laws.
ViaBTC presently owns the lion's share of Litecoin mining, accounting for 33% of the entire Litecoin network hash rate. F2Pool comes in second with a market share of roughly 17.2%, while antpool comes in third with a market share of 13%. Poolin and Litecoin Pool also channel more computer power than Binance Pool.
Individual miners must combine their resources and contribute hash rate via a mining pool because to the increasingly competitive mining scene.
Despite a dip in ranks and hash rate over the previous seven months, Binance Pool remains an important player in proof-of-work mining networks such as Bitcoin.
Will #LTC Rally With Upcoming Cuts?
Miners presently get 12.5 LTC plus transaction fees for each block mined in Litecoin. This incentive, however, will be cut in half in the following weeks.
The halving will have an effect on block mining earnings. Yet, a price rise may motivate miners to update their equipment and deploy higher-hash-rate miners.
Litecoin now has a total hash rate of about 780 TH/s, with the network issuing 7,200 $LTC to miners everyday. But, how Litecoin prices respond to the anticipated supply shock remains to be seen. If previous cycles provide any indication, Litecoin may rally.
According to daily Litecoin price charts, LTC has a resistance level of roughly $115 but is now trading below $100. It is now 23% lower than it was in July 2023.
