Litecoin Newtork Difficulty Will Soon Decrease a Bit

21 Mar
2014

litecoing-network-difficulty-latest

The last week or so you have probably seen the Litecoin difficulty increasing significantly, but now it should get back to a more normal level getting down a bit, though the steady and slow growth may still continue. The reason for the rapid growth in the last week was most likely the CexIO Doubled Rewards for Litecoin Mining promotion that has attracted a lot of attention. This has lead to many users switching from various alternative crypto currencies to LTC mining, but now that this promotion is over they are getting back to other more profitable coins and pool with automatic profit switching instead of directly mining Litecoin. Another thing that has probably lead to increase in the difficulty and Litecoin popularity (the spike in LTC price as well) in the last few days was the announcements of for LTC trading in two of the biggest crypto currency exchanges in China. And then there is of course the Gridseed with their BTC/LTC mining ASIC devices that are selling really fast and adding more and more hashrate to LTC and other Scrypt crypto currencies.

In the long term we should be seeing the price of LTC getting higher and the coin getting more independent from Bitcoin as it will also become harder to mine due to the increase in difficulty. Later this year we are expecting other companies that are making Scrypt ASIC devices to also start shipping more powerful hardware such as the 5 MHS and 25 MHS Alpha Technologies ASIC miners as well as the just recently announced 100 MHS Titan ASIC from KnCMiner. Other companies might as well release products and Gridseed will most likely as well offer a more powerful mining solution combining more than 5 chips in a single device. This all will inevitably lead LTC on the same way that BTC has gone already, taking away the coin from the many users mining with GPUs and moving the generation of larger amounts of Litecoins to the serious miners that can invest in a lot of ASIC mining hardware. All of this will bring forward other alternative cryptos that are not based on the Scrypt algorithm as ASIC devices designed for it will be able to mine all Scrypt coins, so coins with other algorithms may get more popular. GPU miners will probably move to coins using Scrypt-Adaptive-Nfactor, SHA-3 Keccak, Scrypt-Jane and other of the many algorithms.



Other Similar Publications:

1 Response to Litecoin Newtork Difficulty Will Soon Decrease a Bit

edward

March 22nd, 2014 at 01:03

i agree that litecoin will have a good year.

any price target in mind?

Leave a Reply

Your email address will not be published. Required fields are marked *

top