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Breaking News: Trump Prepares To Allow Crypto Investments In $9 Trillion Retirement Market

Binance Pool’s Litecoin Hash Rate Falls 50%: What’s Next?

Dalmas Ngetich
Dalmas Ngetich
2 years ago
3 mins read
Binance Pool Litecoin Mining Hash Rate

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As of July 25, on-chain data indicates that the hash rate dedicated to the Litecoin network for mining from Binance Pool, a platform focused on improving miners’ 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. 

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. 

Binance Pool Hash Rate To Litecoin: Pool Bay
Binance Pool Hash Rate To Litecoin: Pool Bay

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’s largest crypto exchange, miners are opting for other pools, some of whom were among the first mining pools in the globe.

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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’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’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.

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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.

LTC price on July 26| Source: LTCUSDT on Binance, TradingView
LTC price on July 26| Source: LTCUSDT on Binance, TradingView
Feature image from Canva, chart from TradingView
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Dalmas Ngetich
Dalmas Ngetich

Dalmas Ngetich

Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape.

Read more

His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto.
The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. 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.
You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.

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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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