Why is Litecoin called “Spicy Strips” (Why doesn’t Litecoin have new mining machines)?

08/17/2023 04:25 • Digital Disruptors • 49 views

according to official news, recently, some community users expressed in the group why Litecoin is called “Spicy Strips”. According to the question asked by Weibo user “Stock Making Money”, why is Litecoin called “Spicy Strips”? Because it is a piece of code and a program, and it is simulated by mathematical algorithms, so it is not easily manipulated or tampered with like Bitcoin. And this script itself is a technical analysis tool and a way to study blockchain. If someone really knows about this transaction, they can provide its address or private key according to the instructions. Isn’t it simple to think like this? I think the answer may be yes, but this method is not impossible to succeed; instead, we should make them believe that through these behaviors, we can make better decisions and get more rewards.Why doesn’t Litecoin have new mining machines?Editor’s note: This article comes from the plain blockchain (ID: hellobtc), author: Wuhuoqiu, authorized by Odaily Planet Daily.Litecoin’s mining machines have always been an old problem. However, due to the reason that Litecoin mines Bitcoin and other mainstream digital currencies, LTC has not seen the update of new ASIC mining machines. This is related to the news last August that miners will no longer need new GPU devices, and when the Litecoin network was upgraded in March this year, miners began to look for alternative solutions for mining. In the past year or so, LTC’s computing power has been declining.So why don’t new mining farms continue to mine? What is the reason? Because the hottest topic in the mining circle now is, “If the price of Litecoin falls, will those miners withdraw from the market?” Therefore, many people think this is an ironic thing, but in fact it is not the case. Many investors even think that this is a scam. “Actually, this is indeed a good thing. It’s just that our attitude towards these projects has changed recently,” said Lee Qiwei, the founder of Ladbite, in an interview with the plain blockchain. “I have seen some mining media expressing the same question-they said that the price of Litecoin has risen because people hope to find a way to improve their work efficiency and provide better service for their products and services, and then make money. Of course, this is not a bad thing, but it does cause some losses,” he added. “From the current situation, even if most people want to buy LTC, they can get some LTC rewards, or directly use LTC to buy more tokens, but it does not mean that it will disappear forever. And this situation is unlikely to happen,” he said. “So I think this will not affect Litecoin’s future performance.” At the same time, he also pointed out, “When you view all BTC and other encrypted assets as a portfolio, you will be very surprised, because they may earn income by selling LTC.” According to L2BEAT data statistics, from January to May 2019, the Litecoin network produced more than 70,000 LTC. Although these blocks are packaged into one block, it takes about 10 minutes to complete the confirmation transaction. Nevertheless, according to the current LTC hash rate (or block time), an estimated 1,000 to 5,000 LTC can be produced per day.In addition, there are several factors that have contributed to this adjustment:First, two major events occurred during the bear market at the end of 2018. The biggest example may be the halving event in 2019, when the price of Litecoin fell to around $300. The second possibility is smaller. For example, in the first quarter of 2019, the network difficulty of Litecoin reached a historical high of 20T. In addition, since the beginning of 2020, the total lock-up amount on the Litecoin chain has increased nearly 100 times.

This article and pictures are from the Internet and do not represent aiwaka's position. If you infringe, please contact us to delete:https://www.aiwaka.com/2023/08/17/why-is-litecoin-called-spicy-strips-why-doesnt-litecoin-have-new-mining-machines/

It is strongly recommended that you study, review, analyze and verify the content independently, use the relevant data and content carefully, and bear all risks arising therefrom.

Why is Litecoin called “Spicy Strips” (Why doesn’t Litecoin have new mining machines)?

Recommended articles