The next Litecoin halving, which is scheduled for August 2, 2023, at block 2,520,000, is now 100 days away. However, because of variations in the network’s hash rate, the date is liable to vary.
The incentives crypto miners earn for confirming transactions on the blockchain are reduced by half using a method known as halving. This is done to slow the rate at which new units of a digital asset are produced, generating scarcity and perhaps raising the asset’s value by supply and demand principles.
After block 840 000, Litecoin is halved every four years, with miners earning 50% fewer coins than previously. Since the blockchain’s 2011 inception, its size has been halved twice, with miners now earning 12.5 LTC.
With the impending halving event, the mining reward for blocks in Litecoin will be lowered to 6.25 LTC.