Litecoin Hashrate Skyrockets am >
Litecoin’s bullish hashrate may be a result of a new LTC miner becoming available for rent on BitDeer, the Antminer L5. | Source: Shutterstock
By CCN: Litecoin may not be immune to today’s crypto market sell-off, but the No. 5 cryptocurrency has been one of the leaders of 2019. In addition to the crypto market’s expanding value, the hashrate – which is a reflection of computing power dedicated to the network – has also been on the rise.
Litecoin’s Hashrate Reaches an All-Time High
Once again, Litecoin has been a standout, with its hashrate achieving a new all-time high, according to Litecoin Foundation Director Franklyn Richards in a recent blog post. While other coins are gaining value alongside LTC, only the fifth-biggest cryptocurrency has reached a new hashrate peak. Bitcoin was close but no cigar now that some consolidation is taking place in the BTC price. Other top coins including privacy coin Monero (XMR) have seen their hashrates fall dramatically, which Richards suggests could be a “potential flagging in longer-term market confidence.”
Litecoin’s bullish hashrate may be a result of a new Litecoin miner becoming available, the Antminer L5. According to the LitecoinTalk forum, the latest generation miner is now available for rent on BitDeer, a computing power-sharing platform. This drummed up some curiosity on the forum.
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The L5 Miner Could Be a Game-Changer
BitDeer is a partner with China-based cryptocurrency mining leader Bitmain. While the L5 availability hasn’t been confirmed, Richards says in his blog post that the L5 is “indeed a real thing and is currently being deployed by Bitmain and their mining farms which would include BitDeer.” He goes on to say that the L5 miner has since been taken down from the BitDeer website.
The forum member with the username “nehgekim” says they have been using it and experiencing great results, fueled in part by the rising Litecoin price.
“The mining contracts I have purchased from Bitdeer that use the L5 have performed better than expected thanks to the lift in the LTC price. Sub 5c electric is available but the even there the price of LTC totally needs to trend up for all this to keep being worth anything.”
Richards analyzed the performance specs, saying:
“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.”
The Litecoin halvening event, in which the block mining reward will fall from 25 to 12.5 LTC, is planned for Aug. 6. 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.
Litecoin Hashrate reaches another all time high with new L5 ASIC miners rumoured.
It has been an astonishingly bullish last few months for Litecoin and the crypto ecosystem, which has seen not only prices rise as a result, but network security in the form of hashrate with it.
What is perhaps more impressive is that despite the run up, only Litecoin appears to be making new hashrate highs. Bitcoin is still trying to break higher but has taken a dive back down with the recent retracement in price despite coming within touching distance. Ethererum, Monero, BCH and the majority of large capped digital assets on the other hand are not even close, indicating a potential flagging in longer term market confidence.
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.
The option to rent an L5 has since been removed, although ‘nehgekim’ during the time it was up was able to capture some interesting first insights and leaks:
“Looks like Bitdeer removed the little info icon explaining the L5 specs, I’m sure some search engine will yield this so here are the L5 specs in the image above:
“The mining contracts I have purchased from Bitdeer that use the L5 have performed better than expected thanks to the lift in the LTC price. Sub 5c electric is available but the even there the price of LTC totally needs to trend up for all this to keep being worth anything”
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.
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. Logically it should result in a halving of the hashrate along with it, however if the L5 is released it would allow the network to recover quicker due to increased efficiency and reduced overheads assuming the market price doesn’t take a sharp decline during this time.
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Litecoin (LTC) Hashrate Peaks; New Mining Rigs May Be Operational in Secret
Increasing hashrate on a network may be a sign that a new rig has been released and is operational without disclosure.
The Litecoin (LTC) hashrate has been growing, more than doubling in the past six months. In recent weeks, the hashrate kept rising, and recently peaked above 370 TH/s, mostly boosted by the expectations of the upcoming halving of the block reward in August.
Now, the hashrate rise is ascribed to the possibility that new L5 ASIC machines have been put on the network, and may have been a part of the hashrate for hire in cloud mining services. On a blog by Litecoin.com, a community site, the theory of the L5 ASIC is explained in more detail.
The L5, a new powerful rig by Bitmain, temporarily appeared at BitDeer as an option to hire Scrypt algorithm mining power. This level of hashing power makes the Litecoin network more secure, costing more than $65,000 to perform a 51% attack for an hour. To compare, Bitcoin Cash (BCH) is attackable for $27,000 an hour, and Bitcoin SV (BSV) has a cost of the attack at around $16,000 per hour.
The potential for a secret launch on the Litecoin network is somewhat baffling – in recent months, Bitmain announced its readiness to disclose the shipping of any new mining rigs. In the past, secretive mining by next-generation powerful rigs was deemed as a form of unfair advantage. Bitmain was even accused of using its own rigs to mine cryptocurrency, then shipping to small-scale miners later.
The rumors suggest the L5 may have double the hashrate of its predecessor, the L3, and at lower power usage. Deploying those rigs on the network may mean the halving may not discourage miners, as the chances for rewards would be higher with the new powerful rigs.
LTC is one of the more successful coins in 2019, breaking into triple-digit prices. LTC traded at $103.69 even after the sell-off on Tuesday, and there are expectations of a breakout and levels of around $120. Closer to the halving, more dramatic price moves are expected:
LTC remains one of the more liquid digital assets, with significant inflows from Bitcoin (BTC) and Tether (USDT). However, skeptics continue to criticize the coin as nothing more than a Bitcoin clone.
Litecoin’s Hashrate Hits New All-Time High Over Reports of a Next-Gen Miner
- 5 Jun 2019
- In #Altcoins , #Litecoin
The hashrate of the Litecoin network has recently hit a new all-time high, presumably thanks to reports surrounding the launch of a next-generation miner that doubles the hashrate of its predecessor, and is said to be being deployed now.
According to available data hashrate on the LTC network has been rising at a rapid pace, so much so it recently hit a new all-time high. The hashrate improves network security, and as Litecoin.com notes LTC’s hashrate rose far more than that of ETH, XMR, and BCH, despite the bull market.
According to the website the hashrate’s rise may be related to reports surrounding the released of a new next-gen LTC miner, the L5 Bitmain ASIC Scrypt miner, which has been hinted at online.
Specifically, a user on the LitecoinTalk forums noted that Bitdeer, a cryptocurrency cloud mining partner of Bitmain, has recently listed L5 ASIC miners for contracts, before quickly delisting them.
The user, ‘nehgekim’, noted that although the listings were removed, he managed to get some information on these new Litecoin miners. He said:
Looks like Bitdeer removed the little info icon explaining the L5 specs, I’m sure some search engine will yield this so here are the L5 specs in the image above:1473 MH/s1425 W0.97 J/MH.
The user added that since he purchased these contracts they’ve been performing “better than expected thanks to the lift in the LTC price.” Litecoin.com added that an unnamed source revealed Bitmain is indeed deploying an L5 ASIC miner on its mining farms, which would include Bitdeer.
The outlet’s source reportedly added these new miners “are running around 1.2 GH @ 1-1.2 kw.” This would mean the L5 miners more than doubles the hashrate of their predecessor, the L3 ++, which had a hashing power of 580 MH/s.
The cryptocurrency’s hashrate may also be rising over the upcoming halving event, which will see mining rewards get cut in half on the Litecoin blockchain, from 25 LTC to 12.5 LTC per block. This could mean demand for the cryptocurrency is increasing, and miners are stepping up to claim greater rewards while they can.
As CryptoGlobe covered, LTC’s price recently surpassed the $100 mark as traders are being reminded there’s a limited number of litecoins. The event is set to occur in 61 days, on August 6, 2019.