Litecoin’s hashrate surges

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Although Litecoin has not been immune to the very recent crypto market sell-off, it is doing something remarkable; its hashrate, which is a reflection of computing power dedicated to a cryptocurrency, is on the rise.

Gerelyn Terzo at CCN comments that this year, “Litecoin has been a standout, with its hashrate achieving a new all-time high,” information which she gleaned from a Litecoin blog post by Franklyn Richards, Director of the Litecoin Foundation.

Richards writes, “It appears the bump may be caused by the rumoured new L5 Bitmain ASIC Scrypt miner that has been hinted at online. The LitecoinTalk forums recently hosted a thread by ‘nehgekim’ who noted that Bitdeer, a cloud mining partner with Bitmain and Ant-miner listed the L5 for rent. There has been no other mention online regarding the L5 however we have heard from another source that it is indeed a real thing and is currently being deployed by Bitmain and their mining farms which would include bitdeer.”

He added some more information: “Our source also provided some insight based on what they have heard:

“I think their L5s are running around 1.2GH @ 1–1.2 kw”

“It’s around 1w/mh for their 7–10nm chip”

The stats provided show quite a drastic improvement over the previous generation L3++ more than doubling the hashrate output from 580 MH/s. Perhaps this is why the L4 name is being skipped altogether. It’s certainly not as powerful as Innosilicon’s A6+ however it does appear to be more efficient putting it in a good position for when it does finally retail to the public.

As Richards also says, “With the upcoming halving, mining rewards are set to halve for the second time in Litecoin’s history from Ł25 to Ł12.5 which will have a profound impact on the mining space.”

Terzo commented on what Richards had to say, “Based on historical performance, the halvening event is typically bullish for the Litecoin price because it is considered a positive for LTC economics. While it should naturally lead to a slashing of the hashrate, Richards expects L5 features including greater efficiency could offset the fact that the rate being cut in half.”

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