According to the Liteshack, the Litecoin network hash rate reached 1TH/s, the equivalent of 1PH/s in Bitcoin (on GPUs), which was a milestone heralded as the arrival of Bitcoin. This comes on the heels of the merge mining of Dogecoin and Litecoin.
In an effort to survive, Dogecoin has switched to an auxiliary proof-of-work. The merger alone signals a positive attitude towards the future of Litecoin, and this new milestone is icing on the cake.
Almost exactly a year ago today, September 15, 2013, the Bitcoin network reached 1 PH/s which was marked as a historical milestone. Litecoin’s network reached 1TH/s on September 14, 2014 – which is the equivalent of Bitcoins 1PH/s. The network hash rate was followed by 16.62% change in the network difficulty – jumping from 28,323 to 33,030. While this is one of the largest jumps single jumps for Litecoin, it’s only a %12.76 change since last month.
Not All Good News
Despite the good news, the value of this cryptocurrency has not only stagnated but worse, it’s been in a steady decline. The Litecoin price continues to move further away from its 6-month high of $16.30. And the bad news doesn’t stop there. There was even talk of Litecoin being removed from exchanges and being replaced with Blackcoin. While many hoped the merge mining with Dogecoin would bolster both currencies, it appears Dogecoin has benefited the most, seeing an 18% rise in price on September 4th and again seeing a 40% increase the next week.
But it’s not all gloom and doom for Litecoin. 1TH/s is no small feat, and Litecoin remains the coin with the second largest market cap according to CoinMarketCap, and is the second largest network hash rate. While we haven’t seen any immediate benefit from the merger of Dogecoin and Litecoin, the merger most certainly helped strengthen the back of Litecoin.
Second Place Isn’t Good Enough.
Other coins have grown in leaps and bounds on news half as good as this, so why is Litecoin dragging behind? Perhaps being second place isn’t good enough. Litecoin was created to address concerns with ASIC machines and allow for faster and more energy efficient block solving by using scrypt rather than SHA-256. It was the first successful cryptocurrency to use scrypt as its hash function and gave the general public the ability to mine without the purchase of specific hardware. But the developers haven’t done much since then.
Other coins have come to existence, many being created in answer to questions or concerns from the community. Litecoin’s developers haven’t really done anything to promote Litecoin, much less improve it, and seem to be still trying to ride the success of being the first successful coin after Bitcoin. Litecoin has been second place for a long time, but their position keeps weakening. It’s time to stop riding that wave and start improving or else see the continued demise of Litecoin.
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