{"id":544360,"date":"2023-07-26T02:00:39","date_gmt":"2023-07-26T02:00:39","guid":{"rendered":"https:\/\/uniquehot.com\/?p=544360"},"modified":"2023-07-25T22:13:24","modified_gmt":"2023-07-25T22:13:24","slug":"binance-pool-litecoin-hash-rate-falls-50","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/litecoin\/binance-pool-litecoin-hash-rate-falls-50\/","title":{"rendered":"Binance Pool&#8217;s Litecoin Hash Rate Falls 50%: What&#8217;s Next?"},"content":{"rendered":"<p><span data-preserver-spaces=\"true\">As of July 25, on-chain data\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/poolbay.io\/crypto\/9\/litecoin\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">indicates<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0that the hash rate dedicated to the Litecoin network for mining from Binance Pool, a platform focused on improving miners&#8217; income, is down by over 50% in the past seven months. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">In crypto mining, hash rate is the cumulative computing power funneled to a proof-of-work network like Bitcoin, Litecoin, or Monero.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">These public networks rely on miners distributed across the globe for security, decentralization, and transaction confirmation.<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">Binance Pool Hash Rate To Litecoin Drops By 50%<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">Presently, Binance Pool is allocating approximately 28 TH\/s of hash rate to the Litecoin network, a decrease from the average of around 69 TH\/s recorded in January 2023. Consequently, Binance Pool has lost its standing as one of the dominant Litecoin mining pools as of July 2023.\u00a0<\/span><\/p>\n<figure id=\"attachment_544362\" aria-describedby=\"caption-attachment-544362\" style=\"width: 1217px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-544362 size-full\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/07\/Screenshot366.png?resize=1217%2C527\" alt=\"Binance Pool Hash Rate To Litecoin: Pool Bay\" width=\"1217\" height=\"527\" srcset=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/07\/Screenshot366.png?w=1217 1217w, https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/07\/Screenshot366.png?w=460 460w, https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/07\/Screenshot366.png?w=768 768w, https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/07\/Screenshot366.png?w=860 860w, https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/07\/Screenshot366.png?w=750 750w, https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/07\/Screenshot366.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><figcaption id=\"caption-attachment-544362\" class=\"wp-caption-text\">Binance Pool Hash Rate To Litecoin: Pool Bay<\/figcaption><\/figure>\n<p><span data-preserver-spaces=\"true\">As of July 25, Binance Pool is ranked 7th in the Litecoin mining pool scene, accounting for approximately 3.6% of the total hash rate share. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">In comparison, competitors like Poolin, F2Pool, and viaBTC occupy higher positions, indicating that despite Binance Pool being backed by Binance, the world&#8217;s largest crypto exchange, miners are opting for other pools, some of whom were among the first mining pools in the globe.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/analysis\/xrp\/ducati-partners-with-ripple-prepares-to-launch-nft-collection-on-xrp-ledger\/\" target=\"_blank\" rel=\"noopener \">Ducati Partners With Ripple, Prepares To Launch NFT Collection On XRP Ledger<\/a><\/div>\n<p><span data-preserver-spaces=\"true\">At the moment, it cannot be immediately ascertained as to what the cause can be. However, Binance faces legal challenges in multiple countries, especially in the United States. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Two of the country&#8217;s top regulators, the Commodity Futures Trading Commission (CFTC) and Securities and Exchange Commission (SEC), have sued the exchange, accusing them of violating securities laws.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Based on the hash rate, viaBTC currently controls the lion&#8217;s share in Litecoin mining, carving out 33% of the total Litecoin network hash rate. F2Pool follows with around 17.2% share, while antpool ranks third with a market share of 13%. Litecoin Pool and Poolin also channel more computing power than Binance Pool.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Given the increasingly competitive mining landscape, individual miners must pool their resources and dedicate hash rate through a mining pool. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Despite the drop in rankings and hash rate over the last seven months, Binance Pool still plays a critical role in proof-of-work mining networks, including Bitcoin.<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">Halving Incoming, Will LTC Rally?<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">Litecoin currently offers miners 12.5 LTC and transaction fees for each block mined. However, this reward will be halved in the upcoming weeks. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The halving even will impact block mining revenue. Nonetheless, a price increase could encourage miners to upgrade their equipment and deploy miners with higher hash rates.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/bitcoin-news\/bitcoin-will-reach-180000-in-2024\/\" target=\"_blank\" rel=\"noopener \">Fundstrat Predicts Bitcoin Will Reach $180,000 In 2024, But What\u2019s The Catalyst?<\/a><\/div>\n<p><span data-preserver-spaces=\"true\">Presently, Litecoin has a total hash rate of approximately 780 TH\/s, with the network releasing 7,200 LTC to miners daily. However, with the expected supply shock, how Litecoin prices react is yet to be seen. If past cycles guide, Litecoin may rally. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">According to Litecoin daily price charts, LTC has a resistance at around $115 but is trading below $100. At this level, it is down 23% from July 2023 peaks.<\/span><\/p>\n<figure style=\"width: 1226px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/www.tradingview.com\/x\/Ze1VPTqr\/\" rel=\"nofollow\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full\" src=\"https:\/\/www.tradingview.com\/x\/Ze1VPTqr\/\" alt=\"LTC price on July 26| Source: LTCUSDT on Binance, TradingView\" width=\"1226\" height=\"595\"><\/a><figcaption class=\"wp-caption-text\">LTC price on July 26| Source: <a href=\"https:\/\/www.tradingview.com\/x\/Ze1VPTqr\/\" target=\"_blank\" rel=\"noopener nofollow\">LTCUSDT on Binance, TradingView<\/a><\/figcaption><\/figure>\n<div class=\"disclaimer-shortcode\">Feature image from Canva, chart from TradingView<\/div>\n","protected":false},"excerpt":{"rendered":"<p>As of July 25, on-chain data\u00a0indicates\u00a0that the hash rate dedicated to the Litecoin network for mining from Binance Pool, a platform focused on improving miners&#8217; income, is down by over 50% in the past seven months. In crypto mining, hash rate is the cumulative computing power funneled to a proof-of-work network like Bitcoin, Litecoin, or Monero.\u00a0 These public networks rely on miners distributed across the globe for security, decentralization, and transaction confirmation. Binance Pool Hash Rate To Litecoin Drops By 50% Presently, Binance Pool is allocating approximately 28 TH\/s of hash rate to the Litecoin network, a decrease from the average of around 69 TH\/s recorded in January 2023. Consequently, Binance Pool has lost its standing as one of the dominant Litecoin mining pools as of July 2023.\u00a0 As of July 25, Binance Pool is ranked 7th in the Litecoin mining pool scene, accounting for approximately 3.6% of the total hash rate share. In comparison, competitors like Poolin, F2Pool, and viaBTC occupy higher positions, indicating that despite Binance Pool being backed by Binance, the world&#8217;s largest crypto exchange, miners are opting for other pools, some of whom were among the first mining pools in the globe. Related Reading: Ducati Partners With Ripple, Prepares To Launch NFT Collection On XRP Ledger At the moment, it cannot be immediately ascertained as to what the cause can be. However, Binance faces legal challenges in multiple countries, especially in the United States. Two of the country&#8217;s top regulators, the Commodity Futures Trading Commission (CFTC) and Securities and Exchange Commission (SEC), have sued the exchange, accusing them of violating securities laws. Based on the hash rate, viaBTC currently controls the lion&#8217;s share in Litecoin mining, carving out 33% of the total Litecoin network hash rate. F2Pool follows with around 17.2% share, while antpool ranks third with a market share of 13%. Litecoin Pool and Poolin also channel more computing power than Binance Pool. Given the increasingly competitive mining landscape, individual miners must pool their resources and dedicate hash rate through a mining pool. Despite the drop in rankings and hash rate over the last seven months, Binance Pool still plays a critical role in proof-of-work mining networks, including Bitcoin. Halving Incoming, Will LTC Rally? Litecoin currently offers miners 12.5 LTC and transaction fees for each block mined. However, this reward will be halved in the upcoming weeks. The halving even will impact block mining revenue. Nonetheless, a price increase could encourage miners to upgrade their equipment and deploy miners with higher hash rates. Related Reading: Fundstrat Predicts Bitcoin Will Reach $180,000 In 2024, But What\u2019s The Catalyst? Presently, Litecoin has a total hash rate of approximately 780 TH\/s, with the network releasing 7,200 LTC to miners daily. However, with the expected supply shock, how Litecoin prices react is yet to be seen. If past cycles guide, Litecoin may rally. According to Litecoin daily price charts, LTC has a resistance at around $115 but is trading below $100. At this level, it is down 23% from July 2023 peaks. Feature image from Canva, chart from TradingView<\/p>\n","protected":false},"author":384,"featured_media":544361,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[16897],"tags":[10768,88699,428,1265,15899,10,2785,2794,2828,3799,9534],"class_list":["post-544360","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-litecoin","tag-binance","tag-binance-pool","tag-bitcoin","tag-cftc","tag-hash-rate","tag-litecoin","tag-litecoin-price","tag-litecoin-trading","tag-ltc","tag-sec","tag-viabtc"],"acf":[],"yoast_head":"\n<title>Binance Pool&#039;s Litecoin Hash Rate Falls 50%: What&#039;s Next?<\/title>\n<meta name=\"description\" content=\"As of July 25, hash rate dedicated to the Litecoin network for mining from Binance Pool is down by over 50% in the past seven months.\" \/>\n<meta name=\"robots\" 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His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance. His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry. Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion. Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers. DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations. Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature. When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills. 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