The average block reward in Litecoin mining refers to the number of Litecoins miners receive for successfully validating and adding a new block to the blockchain. Currently, the block reward stands at 6.25 LTC per block following the most recent halving event in August 2023. Initially, when Litecoin was launched in 2011, the reward was 50 LTC per block. However, similar to Bitcoin, Litecoin’s protocol includes a halving mechanism that cuts the reward in half roughly every 840,000 blocks, or about every four years.

This gradual reduction in rewards helps control Litecoin’s supply and maintain its deflationary nature. The next halving, expected around 2027, will reduce the reward to 3.125 LTC per block. By limiting the issuance of new coins, the halving process aims to increase scarcity over time, which can influence market price and miner incentives.

Miners also earn small transaction fees from each block, though these are minor compared to the main reward. As block rewards continue to decline, transaction fees will likely play a larger role in motivating miners to secure the network.

Overall, the block reward system ensures a fair and predictable distribution of new Litecoins while maintaining network security and decentralisation, which are essential to Litecoin’s long-term sustainability as a digital currency.