• The neighborhood is happy as LTC’s long-awaited half-life approaches in 16 days.
• Importantly, the halving reduces the mining reward from 12.5 LTC to six.25 LTC.
• LTC recorded 170 million transactions in simply 7 weeks, 10 million of which.

With lower than 16 days left, the cryptocurrency neighborhood is eagerly anticipating the Litecoin (LTC) halving. This halving is a big occasion that may scale back Litecoin mining rewards from 12.5 LTC to six.25 LTC. That is seen by the LTC neighborhood and Proof of Work (PoW) proponents as a optimistic improvement to regulate provide and improve the worth of the token.

The scheduled August 2nd halving would be the third in Litecoin’s historical past, with the primary two halvings going down in 2015 and 2019. As anticipated, this halving generated loads of buzz and pleasure.

Information from on-chain analytics agency IntoTheBlock additionally confirmed that Litecoin search developments hit a brand new yearly excessive. In line with IntoTheBlock, the upcoming halving is likely one of the foremost components driving elevated curiosity within the community.

Elsewhere, LTC hit the historic milestone of 170 million transactions. In a Twitter announcement, the blockchain community stated it had reached that milestone by processing 10 million transactions in simply seven weeks, and a couple of million transactions in a single week.

This latest milestone additionally cements Litecoin’s place as a dependable and sturdy blockchain. Litecoin is commonly tagged as silver to Bitcoin’s “digital gold” and can also be the one community that has been constantly working for the previous 11 years. Which means that the community has been working with out downtime for the previous 11 years. LTC’s uptime is unprecedented in a cryptocurrency business susceptible to community downtime and outages.

Nevertheless, regardless of the halving pleasure, CoinMarketCap information reveals LTC has fallen 1.191% over the previous 24 hours. The token is presently at $91.38, down considerably from the $104 reached final week. LTC is the twelfth largest cryptocurrency community with a market capitalization of $6.7 billion.