Is Litecoin Mining Profitable for an ‘Average Miner’?

The discussion on Litecoin [LTC] mining power has been of paramount importance because of the reduction of rewards to the miners.
Litecoin [LTC] halving occurred on 5th August 2019. Around two weeks after the halving the mining power has reduced by about 30%, increasing the block time for Litecoin.
Litecoin Block-Time Chart (Source)
For a given network characteristic (‘difficulty’ which calibrates itself according to the network), the Litecoin block times vary w.r.t. to the hashing power. A lower hash power implies a longer time to create blocks.
Charlie Lee, the creator and lead developer of Litecoin [LTC] was, however, not concerned about it. He tweeted about the reducing hash rate saying,
Since Litecoin blocks are 4 times faster than Bitcoin’s, the network can handle a sudden decrease in a hash rate much better.
If 75% of hashrate disappears overnight, Litecoin just acts like Bitcoin for 2 wks (10 mins blks) and then diff retargets and everything is back to normal.
Hence, the network would eventually readjust itself. Although, the increasing average block time is a negative sign for the network as a whole.
Nevertheless, the Litecoin hash rate at the time of halving had reached an All-Time High. The speculation in price was highly favourable to the miners at the time.
Litecoin Mining Hashrate (Source)
The reduction in reward and the decrease in price has adversely affected the profitability of miners. The hash rate has decreased 40% from its All-Time high above 500 Terra Hashes.
The price of Litecoin [LTC] has decreased by about 30% from the time of halving. Moreover,
LTC/USD 1-Day Chart on Bitstamp (TradingView)
Mining Profitability
According to a previous estimate by Charlie Lee, mining Litecoin [LTC] would have been profitable even after halving. However, according to our estimates, it seems that the decision taken by miners to leave the network is justifiable.
This is the profitability calculation from his estimates in June. At the time, Litecoin was trading at around $126, with mining rewards effectively double from now.
 
LTC Mining Profitability in June and future estimates by Charlie Lee
Nevertheless, the difficulty has decreased by 22% as well. Hence, the mining rewards for existing miners would increase accordingly as well.
Hence, according to the current difficulty level, the mining revenue before halving would have been $12.61. However, since the price has decreased by 43%, this corresponds to revenue of $7.11 per today’s price ($72).
Moreover, since the rewards have been halved the revenue would be $3.55. At the electricity cost of $2.65, it is reaching the break-even cost of running operations for an ‘average miner.’
Furthermore, since mining is primarily a large scale business with a probabilistic rise in the future, the tipping point for miners motivated to operate their systems would be the break-even cost.
Last but the least, the first half of the year has been highly profitable for Litecoin [LTC] miners. Moreover, the sentiments around Litecoin [LTC] are also positive with the privacy developments with the cryptocurrency.
Miners could expect a slow-down in the near future. However, price movements and network strength would continue to affect profitability.
Do you think Litecoin [LTC] mining is a sustainable long term business? Please share your views with us. 
The post Is Litecoin Mining Profitable for an ‘Average Miner’? appeared first on Coingape.
Source: CoinGape

‘New’ Satoshi Nakamoto Reveal (Part 2): Real Name, Lost Private Keys, New Project and More

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‘New’ Satoshi Nakamoto Reveal (Part 2): Real Name, Lost Private Keys, New Project and More
There is an interesting claim made by Mr. Caan concerning the status of Satoshi Nakamoto’s 980,000 Bitcoin fortune. According to Mr. Caan, his private keys were lost when he handed his laptop into an electronics shop for repairs. When the laptop came back, all of Satoshi’s BTC were gone.
‘New’ Satoshi Nakamoto Reveal (Part 2): Real Name, Lost Private Keys, New Project and More

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Source: CoinSpeaker

Litecoin Surges 14% in Post-Halving Spike, Next One in 2023

All eyes have been on Bitcoin today as the king of crypto cranked ten percent to tap $11,800 during earlier Asian trading. The altcoins have been slow to react as usual but they are starting to wake up now with Litecoin leading the way in a post-halving pump.
Litecoin Spikes 14 Percent
Usually price pumps happen before halving events but Litecoin has started spiking a few hours ago. From an intraday low of around $92 LTC surged through the psychological $100 barrier to top out at $107 an hour or so ago according to Tradingview. The move has added 14 percent to Litecoin prices over the past 24 hours.
LTC price one hour chart – Tradingview.com
Initially the momentum was driven by Bitcoin’s blast as Chinese buyers started loading up earlier this morning. A weakening local currency has driven them into offshore assets such as BTC as Trump’s trade war escalates. Often seen as silver to Bitcoin’s gold, Litecoin may also be viewed as a solid investment at less than 9 percent of the price of BTC.
Litecoin has now halved with the next one due in 2023, 1458 days away according to the block half counter. Around 75 percent of all Litecoins have already been mined with 63 million in circulation out of a total of 84 million. The halving has also decreased annual inflation to 4.26 percent which has the effect of potentially increasing value while appearing to decrease the supply.
Founder Charlie Lee has noted that blocks are being created much faster than the expected 2.5 minutes which is a good sign of network health.
“Since the halving, 12 blocks have been found in 17 minutes.
Seems like miners have not shut off their hashrate at all. Instead, we are mining at a rate of a block every 1.4 minutes on average, which is much faster than the expected 2.5 minutes.
Litecoin network is healthy!”

Since the halving, 12 blocks have been found in 17 minutes.
Seems like miners have not shut off their hashrate at all. Instead, we are mining at a rate of a block every 1.4 minutes on average, which is much faster than the expected 2.5 minutes.
Litecoin network is healthy! pic.twitter.com/xvgefqIPtP
— Charlie Lee [LTC] (@SatoshiLite) August 5, 2019

LTC price is also pretty healthy, even after its 40 percent pullback. So far this year Litecoin has outperformed Bitcoin with an increase of 240 percent from around $30 on New Year’s Day to current prices just below $105. Today’s pump has enable LTC to flip BCH for fourth place with a market capitalization of $6.4 billion.
Altcoins Gaining Momentum
Litecoin is not the only crypto asset getting a boost this Monday. Ethereum has added around 7 percent on the day to reach $235 and XRP has made a rare 5 percent move to get to $0.33. Bitcoin Cash and EOS have both added over 5 percent and BSV is getting a 6 percent gain.
Further down the list, Monero, Dash, NEO, Ethereum Classic and NEM are all moving well gaining 6-7 percent on the day. Total crypto market cap is now at $310 billion following a $23 billion cash influx during the Asian trading session.
Image from Shutterstock
 
 
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Litecoin Halving Will Occur on Monday: How Will It Affect LTC Price?

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Litecoin Halving Will Occur on Monday: How Will It Affect LTC Price?
Charlie Lee, the founder of Litecoin, turned to his Twitter audience to announce that in a couple of days LTC halving is to be performed.
Litecoin Halving Will Occur on Monday: How Will It Affect LTC Price?

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Source: CoinSpeaker

Sun-Buffett Lunch Postponed Due to Sun’s Health Issues

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Sun-Buffett Lunch Postponed Due to Sun’s Health Issues
TRON and BitTorrent CEO Justin Sun just postponed his lunch with Warren Buffett due to sudden health complications just three days ahead of the meeting, according to a post on Weibo.
Sun-Buffett Lunch Postponed Due to Sun’s Health Issues

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Source: CoinSpeaker

Tron [TRX] Price Plunges 5% as Justin Sun Postpones Lunch with Warren Buffet

The much-awaited event of this week became a bit of a downer. The charity lunch event between Warren Buffet and Justin Sun has been postponed due to medical reasons cited by Sun. No date has been set after the rescheduling for now.
Tron Foundation’s Notification (Twitter)
The Tron Foundation notified the crypto-Twitter community about the postponement at about 21: 30 hours UTC on 22nd July 2019. The price of Tron [TRX] has dropped from $0.0288 by about 5.18%. Hence, it seems that the market was looking forward to the lunch and something good out of it.
The price of TRX at 3: 20 hours UTC on 23rd July 2019 is $0.0286.
TRX/USD 4-Hour Chart on Binance (TradingView)
The charity lunch with Warren Buffet is an annual event whose proceeds will be donated to the Glide Foundation. Justin Sun had won the auction with a record bid of $4.57 million. Hence, for Sun and the crypto-community, it represented more than just a charity event.
Warren Buffet has always been dismissive of Bitcoin and cryptocurrency. He had once described them as ‘rat poison squared.’ Hence, the market was probably hoping for a positive comment from Buffet on cryptocurrency.
Furthermore, since Justin was at the helm of things, Tron [TRX] supporters seemed to be expecting a little more specific more the lunch – some even speculated on a partnership. However, that is purely speculation given Buffet’s original stand cryptocurrencies.
Justin was also given the privilege to invite ‘friends’ at the lunch event. Sun has approached a couple of leading figures in the cryptocurrency industry. Changpeng Zhao, the CEO of Binance, had rejected the invitation earlier politely.
Charlie Lee, the lead developer and CEO of Litecoin Foundation and Jeremy Allaire, the Co-Founder and CEO of Circle, have accepted the invitation until now.
Moreover, hours before the delay was announced, Justin has also sent an invite to Chris Lee, the CFO, and VP at Huobi Global. Chris Lee also gladly accepted the invite.
Do you think that Justin and group will be able to convert Warren to a crypto-enthusiast? Please share your views with us. 
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Source: CoinGape

Warren Buffett is not, and won’t ever be into Bitcoin, claims Litecoin’s Charlie Lee

Out of all the promises made over the last decade, the crypto-ecosystem delivered two of them: a volatile market and persistent leadership. Although entrepreneurs have rooted for their own personal agenda, the cryptoverse has witnessed a new era of mutual inclusion. Highlighting this development, a recent podcast featured Litecoin’s Charlie Lee and Blockstream’s Samson Mow. Touching upon […]
The post Warren Buffett is not, and won’t ever be into Bitcoin, claims Litecoin’s Charlie Lee appeared first on AMBCrypto.
Source: AMB Crypto

Litecoin Achieves Major Success at Miami Dolphins – Price Jumps Over 16%

Litecoin currently holds the badge of fourth-largest cryptocurrency with a quite impressing figure. LTC at the moment performs higher than other largest cryptocurrencies on the graph of CoinMarketCap (CMC).
What Drives Significant Growth?
At press time, LTC is soaring with 16.78 percent over the past 24 hours which has quickly turned its daily trading volume. Accordingly, the market cap shoots up to $5,860,125,731 and the coin being traded at $93.44 against USD.
Litecoin Price | Coinmarketcap
However, what spiked the price of LTC is still uncertain but as per the observation – the growth in the price of Bitcoin is historically witnessed in the eventual growth of other cryptocurrencies.
Litecoin Captures Major Success
While many of us are skeptical on why Litecoin has risen, another reason that is quickly influencing the price of LTC is ” recognition by Miami Dolphins, a professional American Football team. Miami Dolphins has recently confirmed the report and states that they have partnered with Litecoin foundation and treating Litecoin as the official cryptocurrency.
Per the partnership, game attendees can now pay for their token for the team’s 50/50 raffle by using Litecoin in addition to bitcoin. It mentioned that these tickets can be purchased online as well as at 14 kiosk and raffle seller locations across Hard Rock Stadium.
Now Football fan base can have streamlined access to attend 2019 NFL season by purchasing tickets using their LTC holding. It marked as a great achievement to Litecoin as the partnership also allow Litecoin to have in-game branding as well as advertising opportunities at Hark Rock Stadium. Besides this, Litecoin can also be included across the “team’s various online properties and digital content”. Concerning the partnership, Charlie Lee, creator of Litecoin and managing director of the Litecoin Foundation said that;
“We’re thrilled to see Litecoin become the official cryptocurrency of the Miami Dolphins”
Following the similar note, Miami Dolphins Vice President & Chief Information Officer Kim Rometo expressed his gratitude and added;
“The Miami Dolphins are always looking for ways to enhance the fan experience, and this partnership with Litecoin provides the ability for guests to enjoy our 50/50 raffle while donating to a great cause,”
This is quite a big deal for Litecoin because the partnership has resulted in a paramount branding of Litecoin in front of an audience of millions of people across the world. To note, 2019 NFL season will begin on Sept 5, 2019, until Dec 29, 2019.
Litecoin Halving is coming closer
More on the price upsurge, many also speculate that it’s a result of the halving event which is just a couple of days away from now. It is predicted that the LTC traders might experience even more volatility when the halving takes place.
Also, another biggest name that counts with the name of Litecoin is Binance Singapore. According to the latest report, released on July 17, 2019, Binance Singapore has listed the fourth-largest cryptocurrency, Litecoin and its trading are live.
Image Source – Litecoin blog
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Source: CoinGape

Litecoin Co-Founder Predicts Doom In August, LTC Down 14.5%

Litecoin (LTC) down 14.5 percent
Halving will see prices drop and miners crashed

Charlie Lee is predicting doom. Because of August halving and a high possibility of low prices, many miners will shut down due to losses. In the meantime, LTC is down 14.5 percent.
Litecoin Price Analysis
Fundamentals
Like any other network where consensus is via a proof-of-work algorithm, Litecoin is secure because of miners. Miners, according to many textbook definitions, have the sole purpose of confirming transactions and fortifying the network by committing their computational power.
Since gear is expensive and electricity is added expenditure, there must be a way of incentivizing the masses to participate. Within Litecoin and like Bitcoin, successful miners with superior gear committing the most of their computational power get 25 LTCs for every successful block.
However, in less than a month from now, that amount will be slashed by half to 12.5 LTCs. For the ordinary investor, LTC will likely surge. All the same, there is this realization that despite the optimism, supply-demand dynamics may have “priced-in” next month’s LTC value.
In that eventuality, bulls will likely falter. Worse, with dropping LTC prices and shrinking rewards, Charlie Lee, the Co-Founder of Litecoin, now says many miners may exit thanks to resulting scarcity shock:
“The halvening is always kind of a shock to the system. When the mining rewards get cut in half, some miners will not be profitable, and they will shut off their machine. If a big percentage does that, then blocks will slow down for some time. For Litecoin it’s three and a half days before the next change, so possibly like seven days of slower blocks, and then after that, the difficulty will readjust, and everything will be fine.”
Candlestick Arrangement

At fourth, Litecoin is well-capitalized thanks to exemplary performance in the first half of the year. The rally from lows of $20 to over $120, Litecoin bulls were on a roll. However, like all near perpendicular expansions, the correction is often brutal.
Evident in LTC price action, the coin is down 14.5 percent in 24 hours and likely to lose more in coming days. From the chart, the drop below $100 is leading. Since LTC is within a bullish breakout pattern against the USD and currently retesting the main support trend line, any breach and close below $90 could trigger panic sells.
In a typical correction, odds are LTC will drop to $50 before recovering.
Technical Indicators
Therefore, from above June 27 candlestick is leading. As an extensive bear bar differentiating itself from others with high trading volumes of 824k, any close below the support trend line must be with equally high participation. Should LTC drop below $90 with a spike in participation confirming losses of June 27, prices may drop to $50 in a typical retest.
Chart courtesy of Trading View. Image Courtesy of Shutterstock
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Flexa Integration Makes Litecoin Payments Possible At Over 39,000 Merchant Locations

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Flexa Integration Makes Litecoin Payments Possible At Over 39,000 Merchant Locations
Flexa adds support for Litecoin on its payments network allowing users to pay in the cryptocurrency at the point-of-sale terminals at different merchant locations.
Flexa Integration Makes Litecoin Payments Possible At Over 39,000 Merchant Locations

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Source: CoinSpeaker

Justin Sun: July Will Be a Big One For the TRON Community

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Justin Sun: July Will Be a Big One For the TRON Community
TRON’s CEO Justin Sun announced that July will be big for TRX community. Except the lunch he will have with Warren Buffet, Sun announced introducing BTFS as the largest of the decentralized P2P storage network.
Justin Sun: July Will Be a Big One For the TRON Community

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Source: CoinSpeaker

Justin Sun Went All Devious on the Expectation of Charity Lunch With Warren Buffett

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Justin Sun Went All Devious on the Expectation of Charity Lunch With Warren Buffett
Justin Sun donated $4.57 million via an auction for the Charity Lunch with Warren Buffett organized by Glide Foundation. Many are seeing Sun’s moves as an effort to bridge the distance between crypto space and skeptical Buffett.
Justin Sun Went All Devious on the Expectation of Charity Lunch With Warren Buffett

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Source: CoinSpeaker

Litecoin Price Rises 4% as Litecoin Foundation Announced Physical Debit Card

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Litecoin Price Rises 4% as Litecoin Foundation Announced Physical Debit Card
The Litecoin Foundation has teamed up with Bibox Exchange and Ternio to bring customers a special edition Litecoin BlockCard, which will allow customers to purchase goods and services with crypto. LTC price adds 4% amid the news.
Litecoin Price Rises 4% as Litecoin Foundation Announced Physical Debit Card

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Source: CoinSpeaker

Founder of Tron and Litecoin along with Binance CEO to Play Poker for Charity

A poker tournament has been organized by Binance Charity Foundation to be held on 16th June 2019. The tournament will be hosted on TRONbet, which is an online Blockchain gaming platform.
The 1st Annual Binance Charity Poken tournament will include major league players, as well as leading cryptocurrency developers Charlie Lee of Litecoin [LTC], Justin Sun of Tron [TRX] and CEO of Binance Changpeng Zhao. The participants of the final table are listed on the website as well.

Are you ready for Binance Charity Poker Cup?Starting in 52 hours! Don't miss it! https://t.co/ES2oSQGhPF#TRON #TRX #Ante #charity #Binance #litecoin #ltc #poker #tournament pic.twitter.com/z4ReAOCOZ2
— Ben_TRX (@Ben_TRX) June 12, 2019

Also Read: Binance CEO Turns Down Justin Sun’s Invite to a Lunch with Warren Buffet
An auction for a seat at the table is won with a bet 888,888 TRX tokens worth about $30,000 to play against these people. Justin Sun announced the winner this morning through a tweet,
[Tron Address of the Winner] You have won the seat to the final table + ALL-inclusive trip to tour TRON w/ @justinsuntron !
The goal of the Charity Poker game is to raise funds for children in Africa. Blockchain social gaming platform, TRONbet will be used to fundraise for the process.
“By utilizing the concept of wealth redistribution made possible with the ANTE token, we hope to extend this concept globally through the Binance Charity Foundation.”
The Charity event also includes a lucky draw under the raffle scheme of raising money. It is a method of the distribution of tickets to a lucky draw based on the donation amount. Donation is open till June 14th 10:00 PDT. The donation can be made in Binance Coin [BNB], Litecoin [LTC], and Tron [TRX].
How much money do you think will they raise at the event? Please share your views with us. 
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Source: CoinGape

Litecoin Creator Meets US Presidential Candidate; LTC Hash Rate Reaches All-Time High

US Presidential Candidate Andrew Yang has been a staunch supporter of Cryptocurrency. He believes that not only Blockchain but the entire space has a lot to offer. He includes blockchain and cryptocurrency in his manifesto as well, talking about the potential and the need for more precise regulation in the space.
Recently, Yang met Litecoin creator, Charlie Lee. Litecoin [LTC] is one of the most popular cryptocurrencies in the space; dubbed as the silver to Bitcoins’ gold.
In a tweet, Andrew Yang Praised, Charlie Lee for his efforts in the space. He tweeted,

Congrats @SatoshiLite on being such a pioneer – let’s build the future. 👍 pic.twitter.com/WEQXiizdYs
— Andrew Yang (@AndrewYang) June 6, 2019

Also Read: Brandt Predicts Bullish Litecoin [LTC] and XRP, but Greenspan Suspects Pump and Dump on XRP
Litecoin Hashrate Continues to Increase Linearly
The Hash-rate is the apparent resources spent to validate the transactions and mine new Litecoins. The increased hash-rate can be attributed to the launch of new age ASIC miners and the fact that miners are switching to Litecoin [LTC] with the continual increase in its price.
Litecoin Hash Rate Since the Beginning of 2019 (Source)
The daily transaction volume has seen a slight increase since May. Nevertheless, the number of transactions on Litecoin has been consistent over the past year, despite the bear market. This is because due to the high transaction fees on Bitcoin [BTC], Litecoin [LTC] becomes the next favorite medium of transfer.
Litecoin Transaction Volume Over the Past Year (Source)
Litecoin gained close to 400% since the beginning of the year. Moreover, the protocol is usually praised by Bitcoin supporters as well. The rise in Litecoin has been due to a couple of reasons including the end of the bear market, the announcement of including fungibility, halving in August and overall marketing efforts with conferences and increasing support.
Also Read: Avengers Star ‘Hodls’ Litecoin [LTC] Because he Doesn’t Trust Bitcoin [BTC]
The price of Litecoin at 16: 00 Hours UTC on 7th May 2019 is $116. It is trading 12% higher on a daily scale.
Do you think that the rise will continue and Litecoin will record new yearly highs? Please share your views with us. 
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Source: CoinGape