{"id":34682,"date":"2022-11-10T07:42:28","date_gmt":"2022-11-10T07:42:28","guid":{"rendered":"http:\/\/egrowonline.com\/?p=34682"},"modified":"2022-11-10T07:42:28","modified_gmt":"2022-11-10T07:42:28","slug":"what-is-litecoin-how-does-it-work-forbes-advisor-australia","status":"publish","type":"post","link":"http:\/\/egrowonline.com\/?p=34682","title":{"rendered":"What Is Litecoin? How Does It Work? \u2013 Forbes Advisor Australia"},"content":{"rendered":"


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Litecoin shares several similarities with Bitcoin. Both are open-source projects that use\u00a0proof of work\u00a0to verify transactions.<\/p>\n

But Litecoin has some notable differences from Bitcoin, too. Besides processing speed, there\u2019s the issue of supply. While Bitcoin is capped at a maximum supply of 21 million coins, Litecoin is capped at 84 million coins.<\/p>\n

How Litecoin Is Mined<\/h3>\n

Litecoin miners solve complex mathematical problems called hashes to earn the right to record new transactions to the blockchain.<\/p>\n

The blockchain<\/a> cannot be altered once a block is closed. As a reward for being the first miner to correctly solve the hash associated with a transaction via the proof of work consensus mechanism, the miner receives 12.5 LTC.<\/p>\n

Litecoin mining operations aren\u2019t something you\u2019ll typically see running on a computer out of someone\u2019s living room. Solving hashes requires immense computing power, which requires\u00a0significant energy\u00a0and space.<\/p>\n

In fact, the lion\u2019s share of Litecoin mining is performed by mining farms and pools of crypto miners using sophisticated hardware.<\/p>\n

How Litecoin Halves<\/h3>\n

To help control Litecoin\u2019s supply, Litecoin halves just like Bitcoin.<\/p>\n

Litecoin\u2019s supply is capped at 84 million coins. Yet when miners add a new block to Litecoin\u2019s blockchain, they\u2019re rewarded with newly-generated LTC. This could indefinitely increase the supply of Litecoin if it weren\u2019t for halving.<\/p>\n

Through halving, the miner reward for successfully recording new blocks to the Litecoin blockchain is decreased (halved) at regular intervals. In Litecoin\u2019s case, it\u2019s every 840,000 transactions. So when Litecoin first launched, the miner reward for adding a new block to Litecoin\u2019s blockchain was 50 LTC. Over the past few years, that reward has decreased via halving to 12.5 LTC as a block award.<\/p>\n

The next LTC halving is expected to happen in 2023.<\/p>\n<\/p><\/div>\n


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Litecoin shares several similarities with Bitcoin. Both are open-source projects that use\u00a0proof of work\u00a0to verify transactions. But Litecoin has some notable differences from Bitcoin, too. Besides processing speed, there\u2019s the issue of supply. While Bitcoin is capped at a maximum supply of 21 million coins, Litecoin is capped at 84 million coins. How Litecoin Is […]<\/p>\n","protected":false},"author":1,"featured_media":34683,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[43],"tags":[2836,1192,4907,199,348],"class_list":["post-34682","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-litecoin","tag-advisor","tag-australia","tag-forbes","tag-litecoin","tag-work"],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"http:\/\/egrowonline.com\/wp-content\/uploads\/2022\/11\/litecoin_getty.jpeg.jpg","_links":{"self":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/34682","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=34682"}],"version-history":[{"count":1,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/34682\/revisions"}],"predecessor-version":[{"id":34684,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/34682\/revisions\/34684"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/media\/34683"}],"wp:attachment":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=34682"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=34682"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=34682"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}