Litecoin’s hash rate has declined by over 30% since its block size halving event earlier this month, the latest data shows.
Litecoin Trades At Lows Against USD
The increasingly troubled altcoin, currently the fifth-largest cryptocurrency by market cap, has lost 30% of its value since the halving, which occurred on August 5. Data from monitoring resource Bitinfocharts.com confirmed the drop.
At press time Wednesday, LTC/USD traded at $72.35, its lowest since the start of May.
The grim reading for Litecoin investors capitalizes on the teething problems which have beset for Litecoin and altcoins more broadly this year, as Bitcoin soars at their expense.
As Bitcoinist reported, investors were hopeful that the halving would push up demand and increase price performance. The event reduced the amount of LTC available for each mined block of transactions from 25 LTC to 12.5 LTC.
Bitcoin’s next halving is scheduled for May 2020, with mounting research pointing to a serious boost for markets as a result.