Community Forex Questions
What is the litecoin halving process?
The Bitcoin halving process was carried over to Litecoin, which was created in 2011. To better understand what halving is and why it is used, let's examine how new coins are made.
Each time a new block is added to the Litecoin network, a new Litecoin coin is produced. In exchange for successfully verifying a block, miners are rewarded with a certain amount of coins. The reward consists of transaction fees and a predetermined amount of LTC as a bonus.
According to the protocol, a new block is added to the Litecoin blockchain every 2.5 minutes. The amount of money awarded to miners is halved every time 840,000 blocks are mined. According to the data, this happens every four years on average. A pre-programmed event occurs in the Litecoin algorithm.
Each time a new block is added to the Litecoin network, a new Litecoin coin is produced. In exchange for successfully verifying a block, miners are rewarded with a certain amount of coins. The reward consists of transaction fees and a predetermined amount of LTC as a bonus.
According to the protocol, a new block is added to the Litecoin blockchain every 2.5 minutes. The amount of money awarded to miners is halved every time 840,000 blocks are mined. According to the data, this happens every four years on average. A pre-programmed event occurs in the Litecoin algorithm.
Dec 27, 2021 12:39