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Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow
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Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow

Litecoin (LTC) Miner Enthusiasm Fades Out Despite Recent Upgrade

Christian Encila
Christian Encila
1 year ago
3 mins read
Litecoin

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Litecoin (LTC) released a new network upgrade Friday – the Litecoin Core 0.21.2.2 – designed to impress investors. The official announcement regarding this new minor version release highlighted a critical security update affecting prior versions of the platform, as well as improved node and network securities for the benefit of users.

According to a Twitter post by LinkedIn Foundation, over 20,000 Litecoin inscriptions are done on the network in a span of three days. 

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LTC Recent Update Intended To Boost Network Security

The Litecoin network recently released a security update that was intended to ensure that all nodes running on the network remain secure and up-to-date. This is mission-critical step for the cryptocurrency as it looks to become more widely adopted.

The update, known as “Litecoin Core 0.17.1”, has been designed to help mitigate any potential vulnerabilities in the Litecoin network by ensuring that all nodes on the network are running on the same version of its code.

The newest version of Litecoin Core v0.21.2.2 is now available! ⚡

Please update at: https://t.co/Jhu3nliBlj
Learn more at: https://t.co/JG7FDCfbpD pic.twitter.com/vljdVCsvgG

— Litecoin Foundation ⚡️ (@LTCFoundation) March 2, 2023

The Litecoin (LTC) network recently underwent a major update with the activation of the MimbleWimble privacy protocol. This upgrade was expected to increase the scalability, privacy, and fungibility of the asset, while also improving its overall security. As the protocol went live, LTC’s mining space witnessed growth.

The LTC mining market expanded once the update was released. The total number of blocks mined by the LTC network increased somewhat. In most cases, more miners joining the network cause a rise in hashrate.

Source: TradingView

On March 3, 2023, enthusiasm from the derivatives market waned along with LTC’s DyDx financing rate. The recent uptick in LTC metrics has also represented a loss of investor trust, which has added to the negative perceptions of the asset.

Litecoin (LTC) Bears Stepped In?

The daily chart of LTC showed that the bears had stepped in and were pushing the coin’s price lower. The Relative Strength Index (RSI) was quickly heading toward the neutral zone, while the Chaikin Money Flow (CMF) had decreased. 

LTC total market cap at $6.5 billion on the weekend chart | Chart: TradingView.com

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Meanwhile, Litecoin’s price is up 1.30%, or $90.02 on CoinMarketCap at the time of writing. While the price of LTC has risen dramatically this year, the mining sector surrounding it still has to make some major progress in terms of profits.

-Featured image from Capital Research

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Christian Encila
Christian Encila

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Read more

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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