# Litecoin halves crypto rewards for miners to 12.5 LTC

By Shampa Mani

Canonical URL: https://www.tokenpost.com/news/technology/2913
Published: 2019-08-05T12:02:41.000Z
Updated: 2019-08-05T12:02:41.000Z
Section: Technology

> Litecoin, the fourth-largest cryptocurrency by market cap at the time of writing, has halved its block reward for miners, CoinDesk reported.

Litecoin, the fourth-largest cryptocurrency by market cap at the time of writing, has halved its block reward for miners, [CoinDesk](<https://www.coindesk.com/litecoin-just-halved-its-crypto-rewards-for-miners>) reported.

Litecoin founder Charlie Lee announced the halving event in a tweet:

Litecoin halving was a success! And price just hit $100! ????

Block 168,000 produced 12.5 LTC in block rewards.

Let's do this again in August 2023! ???? [pic.twitter.com/aBvDJtH4FV](<https://t.co/aBvDJtH4FV>)

— Charlie Lee [LTC⚡] (@SatoshiLite) [August 5, 2019](<https://twitter.com/SatoshiLite/status/1158322436649017344?ref_src=twsrc%5Etfw>)

By design, the litecoin network will reduce its mining rewards by half every 840,000 blocks.

On Monday, the litecoin blockchain reached the block height of 1,680,000 at 10:16 UTC. [BTC.com’s Litecoin explorer](<https://ltc.btc.com/e590f3ee39ae44e63109a35f519a7902afcb8ec8e9a91a6d3eca986cde739c07>) shows that at block height 1,680,001 produced at 10:18 UTC and relayed by Antpool, the mining rewards were reduced to 12.5 LTC from the previous 25 LTC.

LTC/USD is currently trading at $102 at the time of writing. Nearly 63 million LTC are currently in circulation out of the total issuance of 84 million. This essentially means that miners have around 21 million block mining rewards to compete for henceforth.

CoinDesk noted that the litecoin network’s hash rate computing and mining difficulty have both soared by 200 percent since the end of December in line with the price rise ahead of the anticipated halving of mining rewards.

In a [tweet](<https://twitter.com/SatoshiLite/status/1158326430574399489>), Lee said that 12 blocks have been found on the litecoin blockchain in 17 minutes since the halving, adding:

“Seems like miners have not shut off their hashrate at all. Instead, we are mining at a rate of a block every 1.4 minutes on average, which is much faster than the expected 2.5 minutes. Litecoin network is healthy!”

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## Links in this article

- [CoinDesk](https://www.coindesk.com/litecoin-just-halved-its-crypto-rewards-for-miners)
- [pic.twitter.com/aBvDJtH4FV](https://t.co/aBvDJtH4FV)
- [August 5, 2019](https://twitter.com/SatoshiLite/status/1158322436649017344?ref_src=twsrc%5Etfw)
- [BTC.com’s Litecoin explorer](https://ltc.btc.com/e590f3ee39ae44e63109a35f519a7902afcb8ec8e9a91a6d3eca986cde739c07)
- [tweet](https://twitter.com/SatoshiLite/status/1158326430574399489)
- [Donate](https://www.paypal.com/cgi-bin/webscr?cmd=_s-xclick&hosted_button_id=GD9D8CPW8HFA2)